Interim aAMPL distribution
01Summary
Distribute 300,000 USDC to users affected by the aAMPL problem on Aave v2 Ethereum. This is an interim distribution calculated based on each user's proportional holding of aAMPL (including ubaAMPL holders). Users with claims under 30 USDC are excluded. Distribution will occur via the Merkl platform 2 hours after proposal execution.
- Type
- treasury allocation
- Funding
- $300000
Key changes
- Withdraw 298,500 USDC from Aave Collector (including 0.5% Angle Labs fee)(high)
- Approve full amount to Angle Labs distribution creator address(high)
- Sign Merkl platform terms of service onchain(medium)
- Create distribution campaign on Merkl platform for affected aAMPL holders(high)
- Exclude claims below 30 USDC from distribution due to gas cost considerations(medium)
Notable concerns
- This is explicitly an interim distribution with more precise numbers and larger amounts expected in a follow-up
- Users with balances below 30 USDC are excluded from this distribution but will be included in future distributions
- The aAMPL inflation problem on Aave v2 Ethereum requires further analysis for a long-term solution
- aAMPL transfers have been disabled (via AIP 72) to prevent further complications
Generated by Kvorum
02Description
Simple Summary
Distribute 300.000 USDC to users affected by aAMPL problem.
Motivation
On December 2023, a problem was detected on the AMPL custom reserve on Aave v2 Ethereum, causing an unexpected inflation of AMPL-related balances and supply, not following the intended design by the Ampleforth team.
While further analysis is performed for the most reasonable strategy on giving withdrawal liquidity for aAMPL supplies, an interim distribution of 300’000 USD value is proposed as lower threshold, to allow aAMPL suppliers to proceed partially with their withdrawals.
With aip 72 having passed the governance process, aAMPL transfers are no longer permitted, which allows to snapshot the current aAMPL balances to perform a fair distribution between affected users.
This distribution have been defined the following way, with the help of @ChaosLabs and the Ampleforth team (for ubaAMPL holders):
- From each address holding aAMPL, a percentage over the total aAMPL supply has been calculated, to understand how is the proportion of each address.
- Using the previously calculated percentages, they have been applied over the total 300'000 USDC distribution: for example, for an address holding 5% of the total aAMPL, the claim has been calculated as 5% of 300'000; 15'000 USDC.
- For the holders of aAMPL through Unbuttoned aAMPL (ubaAMPL), the proportion over the total supply of ubaAMPL has been used to calculate the claims on aAMPL. For example, if an address held 20% of the total ubaAMPL supply, and ubaAMPL itself would be 20% of the aAMPL supply, the claims of that address would be the 4% of the total aAMPL. We appreciate the Ampleforth team providing us these "internal" holdings of ubaAMPL, given their knowledge of the system.
- Only claims over value of 30 USDC have been included, given that gas-wise, would not be profitable to claim lower amounts. However, those values lower than 30 USDC will be naturally taken into account for the final follow-up distribution.
- Once again, this is an interim distribution, that will be follow up by another with more a precise numbers and bigger in size.
- For the sake of reducing complexity, the Aave governance proposal will release the whole 300'000 USDC, and the Ampleforth team can just transfer to the Aave Collector the 40% of that amount, removing any dependency for users to claim as soon as possible.
- It is possible to check each address claims HERE.
Specification
The distribution will be done via the Merkl platform by Angle Labs, specialized on these operations and used before in other Aave DAO proposals, like the Merit program.
Users with a balance below 30$ will be excluded from this initial distribution as the gas-cost for claiming would not offset set amount claimed.
Therefore the proposal will perform the following steps upon execution:
- withdraw USDC from the collector (298.5k including a 0.5% fee for angle labs)
- approve the full amount to 0x8BB4C975Ff3c250e0ceEA271728547f3802B36Fd which is the distribution creator by Angle Labs
- sign the tos of https://app.merkl.xyz/ via a onchain transaction, a requirement on the Merkl platform
- create a campaign to distribute funds to the affected users
2 hours after proposal execution, users will be able to claim the USDC on https://app.merkl.xyz/
References
- Implementation: AaveV2Ethereum
- Tests: AaveV2Ethereum
- Snapshot
- Discussion
- Distribution:IPFS
- Distribution:formatted
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
The proposal follows the standard Aave governance pattern where the DAO executor calls execute() on a single payload contract via delegatecall; the actual granular steps (collector withdrawal, USDC approval to the Merkl distribution creator, ToS signature, campaign creation) are implemented inside that payload contract's Solidity code, not individually decoded on-chain as separate calldata rows. Because only the top-level execute() call is available here, I cannot directly verify each specific claim (amounts, addresses, ToS signature, campaign parameters) against decoded calldata — this is a known limitation of this proposal type and not evidence of malicious intent. The single action shown (call to a specific payload address) is consistent with the description's framing of 'the proposal will perform the following steps upon execution' referring to internal payload logic. Given the description is detailed and plausible, and the on-chain action matches the expected Aave payload-execution pattern, I assess this as consistent, but confidence is low because the decoded data does not expose enough granularity to confirm the specific dollar amounts, fee percentage, or target addresses cited in the prose (e.g., the 0x8BB4C975... approval target, 298.5k USDC amount, ToS signature call). No contradictions were found in what is visible; there is simply insufficient decoded detail to fully verify all claims, which is why confidence is low rather than the assessment being downgraded to a discrepancy.
Generated by Kvorum
04Actions
- Target
- 0x65a4…241b
- Value
- 0 wei
- Function
- fallback()
- Arguments
{}- Calldata
05Tally
Summed from votes
06Voters
No votes recorded yet.
07Forum
No forum thread is confidently linked to this proposal.
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