Treasury Management - Add to rETH Holding
01Summary
The DAO will convert nearly all of its aEthWETH holdings (Aave v3 wrapped ETH) to rETH (Rocket Pool's ETH), keeping only 100 aEthWETH as a reserve. This shift aims to earn higher yields (3.07% from rETH vs. lower Aave v3 ETH deposit rates) and diversify Ethereum node operators.
- Type
- treasury allocation
Key changes
- Withdraw all awETH to wETH(high)
- Withdraw all but 100 aEthWETH to wETH(high)
- Swap all wETH into rETH (Rocket Pool)(high)
- Retain 100 aEthWETH in Treasury as reserve for DAO expenses(medium)
Notable concerns
- Concentration risk shift from Aave lending to Rocket Pool staking
- Dependency on rETH yield remaining higher than alternative options
- Reduced liquidity in Treasury for immediate ETH-denominated expenses
Generated by Kvorum
02Description
Simple Summary
This AIP will convert all but 100 aEthWETH held in the DAO’s Ethereum Treasury to rETH.
Motivation
This AIP proposes consolidating the DAO's ETH-nominated assets into Aave v3 on the Ethereum network and subsequently acquiring rETH. The rETH yield, currently at 3.07%, surpasses the ETH deposit yield on Aave v3.
This action will yield two significant advantages for the DAO. First, it will enable the DAO to earn a higher return on its ETH assets, thus improving the value of its holdings. Second, by promoting greater diversity in the nodes supporting the network, this move contributes to the overall health and sustainability of the Ethereum network.
A balance of 100 aEthWETH tokens will be retained in the Treasury. These tokens will serve as a reserve for covering ongoing DAO expenses, including initiatives like the Quarterly Gas Rebate, and any other potential expenses that may arise in the future.
Specification
This AIP will perform the following:
- Withdraw all awETH to wETH
- Withdraw all but 100 aEthWETH to wETH
- Swap all wETH into RocketPool’s rETH
References
- Implementation: AaveV3Ethereum
- Tests: AaveV3Ethereum
- Snapshot
- Discussion
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
The proposal follows Aave's standard governance execution pattern: the single decoded on-chain action is a `forwardPayloadForExecution` call that delegates execution to a separate payload contract (0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5). This is normal and expected for Aave AIPs — the granular treasury actions described in the prose (withdraw awETH, withdraw aEthWETH leaving a 100 token reserve, swap wETH to rETH) are implemented inside that payload contract's logic, which is not included in the decoded calldata provided here. Because the actual withdrawal amounts, reserve retained, and swap target cannot be independently verified from the single forwarding call, there is no basis to flag a value or target mismatch — but there is also no way to confirm the specific numeric claims (e.g., '100 aEthWETH retained') against on-chain data. Given the referenced implementation and test files in the description align with the expected pattern for this type of treasury management proposal, and no contradiction is visible in the decoded action, I assess this as consistent with the caveat of low confidence due to the opacity of the forwarded payload's internal actions. Delegates should refer to the linked implementation contract for full verification of exact amounts and swap routing.
Generated by Kvorum
04Actions
- Target
- 0x9aee…2bc7
- Value
- 0 wei
- Function
- forwardPayloadForExecution((uint256,uint8,address,uint40))
- Arguments
{ "0": [ "1", "1", "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", "15" ] }- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 320x329c…3ed4 | For | 116.5K | 23.33% | — | 3y ago |
| 070x0703…961b | For | 86.8K | 17.37% | — | 3y ago |
| 130x13bd…8548 | For | 61.3K | 12.27% | — | 3y ago |
| 2C0x2cc1…4df1 | For | 43.7K | 8.74% | — | 3y ago |
| B90xb933…8dd1 | For | 42.4K | 8.49% | — | 3y ago |
| EA0xea17…6676 | For | 38.7K | 7.76% | — | 3y ago |
| EZezr3al.eth0x8659…7d0e | For | 38K | 7.62% | — | 3y ago |
| 570x57ab…2922 | For | 27.3K | 5.47% | — | 3y ago |
| 870x8787…ea52 | For | 21.1K | 4.22% | — | 3y ago |
| E40xe459…e666 | For | 20K | 4.00% | — | 3y ago |
| 180x1855…98ba | For | 3.6K | 0.72% | — | 3y ago |
| DF0xdf06…4977 | For | 27.3 | 0.01% | — | 3y ago |
| 9E0x9e4d…9636 | For | 1.3 | 0.00% | — | 3y ago |
| 110x1188…48f1 | For | 1.1 | 0.00% | — | 3y ago |
| EC0xeca0…a418 | For | 0.5 | 0.00% | — | 3y ago |
| 420x423c…db76 | For | 0.2 | 0.00% | — | 3y ago |
| 4B0x4b7f…d65a | For | 0.2 | 0.00% | — | 3y ago |
| 560x568d…d1cd | For | 0.2 | 0.00% | — | 3y ago |
| 560x563c…a458 | For | 0.2 | 0.00% | — | 3y ago |
| 240x24a6…b549 | For | 0.1 | 0.00% | — | 3y ago |
| 920x92c2…8981 | For | 0.1 | 0.00% | — | 3y ago |
| 300x3040…9d10 | For | 0.1 | 0.00% | — | 3y ago |
| 4C0x4c2e…d67f | For | 0.1 | 0.00% | — | 3y ago |
| 5A0x5a94…aa0e | For | 0.1 | 0.00% | — | 3y ago |
| C90xc933…b358 | For | 0.1 | 0.00% | — | 3y ago |
| 7F0x7fe2…d3e2 | For | 0 | 0.00% | — | 3y ago |
| 070x0761…8b4f | For | 0 | 0.00% | — | 3y ago |
| 1C0x1c89…a9f5 | For | 0 | 0.00% | — | 3y ago |
| 7C0x7c9c…f00f | For | 0 | 0.00% | — | 3y ago |
| 2C0x2c3c…bb29 | For | 0 | 0.00% | — | 3y ago |
| 460x46a6…c393 | For | 0 | 0.00% | — | 3y ago |
| 1A0x1ae3…4839 | For | 0 | 0.00% | — | 3y ago |
| 440x447d…42ee | For | 0 | 0.00% | — | 3y ago |
| 040x040e…0c8e | For | 0 | 0.00% | — | 3y ago |
| 5D0x5dba…6b9a | For | 0 | 0.00% | — | 3y ago |
| 320x3220…8b09 | For | 0 | 0.00% | — | 3y ago |
| D20xd25c…831d | For | 0 | 0.00% | — | 3y ago |
| 3D0x3d42…dbcf | For | 0 | 0.00% | — | 3y ago |
| 600x6066…fa94 | For | 0 | 0.00% | — | 3y ago |
| 2F0x2fa4…7d06 | For | 0 | 0.00% | — | 3y ago |
| 080x08f2…35a4 | For | 0 | 0.00% | — | 3y ago |
| 860x86a8…1538 | For | 0 | 0.00% | — | 3y ago |
| 3B0x3b64…71b0 | For | 0 | 0.00% | — | 3y ago |
| 730x73ea…b4b9 | For | 0 | 0.00% | — | 3y ago |
| C30xc39c…ab48 | For | 0 | 0.00% | — | 3y ago |
| 9E0x9e13…a16f | For | 0 | 0.00% | — | 3y ago |
| D70xd782…4b48 | For | 0 | 0.00% | — | 3y ago |
| B70xb717…42ab | For | 0 | 0.00% | — | 3y ago |
| FD0xfdb5…2aca | For | 0 | 0.00% | — | 3y ago |
| 570x574b…6917 | For | 0 | 0.00% | — | 3y ago |
07Forum
No forum thread is confidently linked to this proposal.
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