December Funding Update

Simple Summary

This publication presents the December Funding Update, consisting of the following key activities:

• Acquire GHO to support runway;
• Expand the remit of the AFC & Ahab SAFEs to support GHO liquidity; and
• Create allowances to support operations.

Motivation

Specification

Runway

Using the MainnetSwapSteward and the already approved allowances, acquire 2M GHO to be deposited into the Prime instance.

Replenish the budgets on the MainnetSwapSteward, as they will be consumed by the rebalancing of assets mentioned above.

• USDC: 2M increase
• USDT: 4M increase
• USDS: 2M increase

Collector Assets

Deposit idle ETH held on the Ethereum Collector into the Prime instance of Aave v3.

Create allowances for the following assets to be transferred from the Treasury to the AFC, where stkAAVE will be redeemed for AAVE and held on the AFC SAFE.

Amount: All stkAAVE Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa Method: approve() stkAAVE on the Aave Collector contract to the AFC address.

Amount: 2,300 aEthLidoWETH Spender: Ahab 0xAA2461f0f0A3dE5fEAF3273eAe16DEF861cf594e Method: approve() aEthLidoWETH on the Aave Collector contract to the ahab address

Note: To support ongoing DEX liquidity, launching GHO on Plasma and other networks, this publication grants the Aave Finance Committee (AFC) ability to provide DEX liquidity and reduce the reliance on incentive distribution. These assets now held in the AFC and Ahab SAFEs will be used as collateral to borrow GHO and fund the DEX liquidity.

Amount: 20,000 AAVE Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa Method: approve() AAVE on the Aave Collector contract to the AFC address

Note: We have transitioned to using the MainnetSwapSteward for buybacks, with the acquired AAVE going directly to the collector, thus we'll create an allowance enabling the AAVE acquired to be held on the AFC SAFE. The Allowance is larger than the current balance to facilitate future buyback movements.

Redeem expired Principle Tokens to the underlying and convert to GHO.

Amount: 175.190155978359917557 PT_eUSDe_14AUG2025 Amount: 3,043.54299785406069585 PT_sUSDE_25SEP2025 Amount: 1,583.144136895510331668 aEthPT_USDe_31JUL2025 Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa Method: approve() on the Aave Collector contract to the AFC address

Merit Program

Asset: 3,000,000 aEthLidoGHO Spender: Merit 0xdeadD8aB03075b7FBA81864202a2f59EE25B312b Method: approve() aEthLidoGHO on the Aave Collector contract to the Merit address

References

• Implementation: AaveV3Ethereum
• Tests: AaveV3Ethereum [Snapshot] Direct-to-AIP
• Discussion

Copyright

Copyright and related rights waived via CC0.