KVORUM
aaveSource: Aave governance v3 · #512

July 2026 Funding Update

executedAug 25, 2026, 11:17 PM UTCby2C0x2cc1…4df1

01Summary

AISummary by Kvorumclaude-haiku-4-5

July 2026 Funding Update establishing operational budget allocations: acquire 8M GHO to support runway, create and refresh multiple token swap allowances across networks (Ethereum, Arbitrum, Plasma, Base, Sonic, Gnosis), grant permissions for GHO liquidity deployment on Monad, authorize hedging strategies via CEX Earn Safe, reimburse TokenLogic 50,000 aEthLidoGHO for audit costs, and allocate 300,000 aEthLidoGHO plus 100,000 each of aEthUSDC and aEthUSDT to Stable Vault Incentives.

Type
treasury allocation

Key changes

  • Acquire 8M GHO for deposit into Prime instance to support operational runway(high)
  • Refresh MainnetSwapSteward allowances to enable swaps between multiple stablecoin pairs (ETH, USDC, USDT, USDe, USDS, DAI, rlUSD, pyUSD) and GHO, AAVE, wETH(high)
  • Grant Aave Liquidity Committee 0.5M aEthLidoGHO for GHO liquidity on Monad Network(high)
  • Authorize AFC to participate in AAVE, ETH, and BTC derivative markets for hedging and yield via CEX Earn Safe(medium)
  • Approve 72 aEthWBTC to Ahab for use as collateral to facilitate Monad liquidity provision(medium)
  • Reimburse TokenLogic 50,000 aEthLidoGHO for GHO ↔ sGHO swap layer audit by Trail of Bits(medium)
  • Allocate 300,000 aEthLidoGHO and 200,000 stablecoins (100,000 aEthUSDC and 100,000 aEthUSDT) to Stable Vault Incentives(high)
  • Remove obsolete allowances across multiple networks and assets (Plasma USDT0, Arbitrum weETH, Sonic wS, Ethereum USDC Merit, Gnosis EURe)(low)

Notable concerns

  • Treasury hedging authorization grants AFC broad derivative market access without specified limits or constraints on AAVE, ETH, and BTC positions
  • Multiple allowances across six networks require careful coordination during execution
  • Large GHO allocations (8M acquisition plus 300K and 0.5M deployments) represent significant protocol capital deployment
ContractsMainnetSwapStewardAave Finance CommitteeAave Liquidity CommitteeAhabCEX Earn SafeStable Vault Incentives SAFEAave Collector
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provider: anthropic
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02Description

819 words

Simple Summary

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

  • Acquire GHO to support the runway; and
  • Create Allowances to support Operations.
  • Increase Swap Steward allowances
  • Pay back audit costs

Motivation

This publication addresses near-term operational requirements, consolidates asset holdings, and refreshes the MainnetSwapSteward’s Allowances to support operations and future growth opportunities.

The MainnetSwapSteward and Aave Finance Committee (AFC) will continue executing a rolling GHO acquisition strategy to maintain adequate runway and preserve sufficient budget to fund ongoing growth initiatives.

Reimburse Audit Costs

Reimburse TokenLogic for costs incurred in facilitating the audit of one Chainlink PR that was modified to accommodate the GHO ↔ sGHO two-way swap layer. The value of the Audit performed by Trail of Bits was 50,000 aEthLidoGHO.

Specification

Ethereum

Runway

Deposit idle ETH on the Collector into the Aave v3 Core instance on Arbitrum, Base and Ethereum.

Use the MainnetSwapSteward to acquire 8M GHO for deposit into the Prime instance.

Refresh MainnetSwapSteward Allowances

To support the acquisition of GHO, wETH and AAVE, add missing token swap paths.

TokenAcquirable Assets
ETHGHO, AAVE
USDCGHO, AAVE, wETH
USDTGHO, AAVE, wETH
USDeGHO, AAVE, wETH
USDSGHO, AAVE, wETH
DAIGHO, AAVE, wETH
rlUSDGHO, AAVE, wETH
pyUSDGHO, AAVE, wETH

Where the path is not configured (i.e., pyUSD → GHO), we’ll add this path as a swappable pair with its respective oracle. Additionally, increase the pyUSD token budget by 500,000 units.

Monad Incentives

To support the launch of GHO on Monad, this publication grants the AFC permission to use GHO and USDC to provide liquidity on DEXs. For the avoidance of doubt, the AFC may use collateral and debt to fund DEX liquidity.

Following through on the Deploy Aave Protocol v3.7 on Monad proposal, create the following Allowance to support the growth and adoption of GHO on the Monad Network.

Asset: aEthLidoGHO 0x18eFE565A5373f430e2F809b97De30335B3ad96A Amount: 0.5M Spender: ALC 0xA1c93D2687f7014Aaf588c764E3Ce80aF016229b

Method: approve() aEthLidoGHO on the Aave Collector contract to the Aave Liquidity Committee (ALC) address.

Note: The destination address of the Allowance has been changed from the Aave Finance Committee to the Aave Liquidity Committee.

GHO:USDC DEX Liquidity

To support the launch of GHO on Monad, this publication includes an Allowance to deploy GHO DEX Liquidity on the Monad Network using the Uniswap Protocol.

Network: Ethereum Asset: aEthWBTC 0x5Ee5bf7ae06D1Be5997A1A72006FE6C607eC6DE8 Amount: 72 Spender: Ahab 0xAA2461f0f0A3dE5fEAF3273eAe16DEF861cf594e

Note: This aEthWBTC and other assets held on the Ahab are to be used as Collateral to facilitate providing liquidity on the Monad Network.

Hedging

With the treasury holding a large AAVE position and having recently donated to the DeFi United cause, this proposal grants the AFC the ability to participate in the AAVE, ETH and BTC derivative markets to earn yield and/or manage asset exposure throughout the market cycle.

Hedging strategies are to be implemented via the CEX Earn Safe, with the administration performed by TokenLogic and Aave Labs.

Plasma

Add the following Allowances to facilitate the removal of small balances and the conversion of assets to USDT0.

Asset: aPlaPT_sUSDE_9APR2026 0x53349cBeD7A3F851f0722Bf3Fa8f1b93fA939BeF Asset: aPlaPT_USDe_15JAN2026 0xEa601A9FECF80bFC529F08A51bD8Cb0d72fc862A Asset: aPlaPT_sUSDE_18JUN2026 0x68ab954Dc705c66506d499963dD1fbB8aFa23d7d Asset: aPlaPT_sUSDE_15JAN2026 0x0b9A412c94f07223752031f75a20DDe542D63d5C Asset: aPlaPT_USDe_9APR2026 0x9326fA5a71C93D5De313c91C3b80D74d0c3a0F5A Asset: aPlaPT_USDe_18JUN2026 0xDEdFF537fCBa1169E673F78EE23D109885741016 Asset: aPlaWETH 0xf1aB7f60128924d69f6d7dE25A20eF70bBd43d07 Asset: aPlaweETH 0xAf1a7a488c8348b41d5860C04162af7d3D38A996 Asset: aPlasUSDe 0xC1A318493fF07a68fE438Cee60a7AD0d0DBa300E Amount: Balance at time of execution, plus a 0.10% buffer to cover interest accrued between execution and transfer Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Refresh the Following Allowances

Network: Plasma Asset: aPlaUSDT0 0x5D72a9d9A9510Cd8cBdBA12aC62593A58930a948 Amount: 3M Spender: Ahab 0xAA2461f0f0A3dE5fEAF3273eAe16DEF861cf594e

Network: Arbitrum Asset: aArbWETH 0xe50fA9b3c56FfB159cB0FCA61F5c9D750e8128c8 Amount: 160 Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Network: Arbitrum Asset: aArbUSDCn 0x724dc807b04555b71ed48a6896b6F41593b8C637 Amount: 150,000 Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Network: Arbitrum Asset: aArbUSDT 0x6ab707Aca953eDAeFBc4fD23bA73294241490620 Amount: 50,000 Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Network: Arbitrum Asset: aArbGHO 0xeBe517846d0F36eCEd99C735cbF6131e1fEB775D Amount: 55,000 Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Cancel/Remove the Following Allowances

Network: Plasma Asset: aPlaUSDT0 0x5D72a9d9A9510Cd8cBdBA12aC62593A58930a948 Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Network: Arbitrum Asset: aArbweETH 0x8437d7C167dFB82ED4Cb79CD44B7a32A1dd95c77 Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Network: Sonic Asset: aSonwS 0x6C5E14A212c1C3e4Baf6f871ac9B1a969918c131 Spender: ACI Incentives 0x565B80842eCEDad88A2564Ea375CE875Ed3bAdeC

Network: Ethereum Asset: aEthUSDC 0x98C23E9d8f34FEFb1B7BD6a91B7FF122F4e16F5c Spender: Merit 0xdeadD8aB03075b7FBA81864202a2f59EE25B312b

Network: Gnosis Asset: aGnoEURe 0xEdBC7449a9b594CA4E053D9737EC5Dc4CbCcBfb2 Spender: ACI MASiv SAFE 0xdef1FA4CEfe67365ba046a7C630D6B885298E210

Reimbursements

Reimburse 50,000 aEthLidoGHO to TokenLogic for GHO ↔ sGHO two-way swap layer audit expenses incurred.

Asset: aEthLidoGHO 0x18eFE565A5373f430e2F809b97De30335B3ad96A Amount: 50,000 Spender: TokenLogic 0xAA088dfF3dcF619664094945028d44E779F19894

Stable Vaults

Add the following allowances to a new dedicated Stable Vault incentives SAFE as discussed in the launch proposal. The Snapshot for it can be found here.

Network: Mainnet Asset: aEthLidoGHO 0x18eFE565A5373f430e2F809b97De30335B3ad96A Amount: 300,000 Spender: Stable Vault Incentives 0x4cc755fBFAE135933b64865E7D7Ea6ae778A4D43

Network: Mainnet Asset: aEthUSDC 0x98C23E9d8f34FEFb1B7BD6a91B7FF122F4e16F5c Amount: 100,000 Spender: Stable Vault Incentives 0x4cc755fBFAE135933b64865E7D7Ea6ae778A4D43

Network: Mainnet Asset: aEthUSDT 0x23878914EFE38d27C4D67Ab83ed1b93A74D4086a Amount: 100,000 Spender: Stable Vault Incentives 0x4cc755fBFAE135933b64865E7D7Ea6ae778A4D43

References

Copyright

Copyright and related rights waived via CC0.

03Mismatch analysis

AIMismatch analysis by Kvorum

A calldata-vs-description analysis is not generated yet. Review the decoded actions →

04Actions

1 total
#0execute()chain 0x1
Target
0x32c5…7949
Value
0 wei
Function
execute()
Arguments
{}
Calldata

05Tally

Summed from votes

Voters13
VP participating523.6K
Outcome (current)for
Current support100%

06Voters

13 total

No votes recorded yet.

07Forum

AIForum synthesis by Kvorumclaude-sonnet-5
sentiment · favorablethread · mixed

Arguments for

  • Aave App extends Aave's institutional-grade lending infrastructure to mainstream/fintech-level users, opening a large new consumer market and growth phase for the DAO.— AaveLabs, superproduct, SaucyBlock
  • The App is projected to generate significant new DAO treasury revenue (yield spread, reserve factor attribution, and future card/swap fees) that scales with user adoption.— AaveLabs
  • The Stable Vault design and Vault Steward framework provide a robust, auditable, risk-managed structure for user deposits, and TokenLogic is prepared and well-suited to take on the Vault Steward/curation role given its existing GHO Steward and allocation-engine work.— TokenLogic
  • The launch campaign budget is modest and efficient, with projected customer acquisition costs far below typical fintech benchmarks due to the pre-qualified waitlist and referral mechanics.— AaveLabs
  • The phased rollout with clear progression criteria (operational stability, vault health, support capacity) ensures a controlled, safe scaling of the user base.— AaveLabs

Arguments against

None surfaced.

Unresolved concerns

  • Why the $500,000 launch campaign/incentive budget was not included in the previously approved $5M funding for the Aave App under the Aave Will Win proposal remains unanswered by the DAO.— A_J

Notable participants

  • AaveLabsProposer; authored the full ARFC detailing the Aave App, its revenue model, Stable Vault configuration, launch timeline, and campaign budget.
  • SaucyBlockVoiced brief supportive endorsement of the proposal.
  • A_JRaised a pointed question about prior funding allocation that went unanswered.
  • TokenLogicCore contributor and prospective Vault Steward; expressed strong support and detailed its readiness to manage Stable Vault curation and allocation.
  • superproductExpressed enthusiastic support, framing the proposal as a new chapter for the DAO.
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