KVORUM
aaveSource: Aave governor v2 · #392

Aave Funding Updates

executedDec 8, 2023, 12:39 AM UTCby570x57ab…2922

01Summary

AISummary by Kvorumclaude-haiku-4-5

Aave DAO consolidation of stablecoin holdings across Ethereum and Polygon, including migrating assets from Aave V2 to V3, bridging funds from Polygon to Ethereum, and converting legacy stablecoins to GHO and USDC to ensure adequate DAO capitalization for the next 6 months.

Type
treasury allocation

Key changes

  • Deposit 1M DAI into Aave V3 Ethereum aEthDAI(medium)
  • Migrate all aDAI from Aave V2 to V3 on Ethereum(medium)
  • Bridge 1.7M USDC from Polygon V2 to Ethereum treasury(high)
  • Bridge 0.5M DAI from Polygon V2 to Ethereum treasury(high)
  • Bridge 0.75M USDT from Polygon V2 to Ethereum treasury(high)
  • Swap ~175k aTUSD to GHO(medium)
  • Swap 500k DAI to GHO(medium)
  • Swap ~72k aBUSD to GHO(medium)

Notable concerns

  • Consolidation of stablecoin holdings across multiple chains and protocol versions
  • Migration from legacy Aave V2 to V3 may involve market execution risk
  • Redemption and bridging of assets across Polygon and Ethereum
  • Swap of substantial amounts of legacy stablecoins (UST, GUSD, BUSD, TUSD) to ensure liquidity
  • DAO capitalization dependent on successful execution of multiple interdependent transactions
ContractsAave V2 EthereumAave V3 EthereumAave V2 PolygonAave V3 Polygon
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

352 words

Simple Summary

This AIP aims to consolidate Aave DAO's stablecoin holdings. It is divided into different parts that are detailed below. Part one is depositing DAI into aEthDAI, part two is migrating aDAI and aUSDT into aEthDAI and aEthUSDT, part three bridges assets from Polygon to Mainnet and part four swaps some holdings into GHO.

Motivation

This proposal intends to ensure the DAO is well capitalised. A separate DAO budget publication will be shared during Q4 2023.

The DAO has sufficient USDC, DAI and USDT deposited across the various instances of Aave Protocol to support existing streams and the AURA purchase 3.

However, with the emergence of new service provider proposal expected, the DAO needs to adjust its stable coin holdings. This publication supports transferring additional funds from Polygon to Mainnet and acquiring GHO on the market to ensure the DAO is well capitalised for the next 6 months. It also aims to move assets from the old V2 to the newer V3 aToken.

Specification

  • Deposit 1M units of DAI from treasury (Aave V3 Ethereum Collector) into Aave v3 Ethereum

  • Migrate all aDAI from Aave v2 Ethereum to Aave v3 Ethereum

  • Redeem 1.7M USDC from Aave v2 Polygon and bridge to Ethereum treasury

  • Redeem 0.5M from Aave v2 Polygon DAI and bridge to Ethereum treasury

  • Redeem 0.75M from Aave v2 Polygon USDT and bridge to Ethereum treasury

Swap the following asset holdings to GHO on Ethereum mainnet:

  • All available aTUSD that can be redeemed (~175,000 units at time of writing)
  • 500k units of DAI held in treasury (received from previous Polygon bridge)
  • All available aBUSD (~72,000 units at time of writing)

Swap the following asset holdings on Ethereum treasury to USDC (there is no GHO / ETH oracle thus these tokens cannot be swapped to GHO directly, they are Aave v2 Assets with no Aave v3 equivalent oracle):

  • All GUSD (18,464.03)
  • All UST (893,257.63)

References

Copyright

Copyright and related rights waived via CC0.

03Mismatch analysis

AIMismatch analysis by Kvorumlow confidenceclaude-sonnet-5
Consistent

Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
Review the decoded actions ↗

04Actions

2 total
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Target
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Value
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Function
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Arguments
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}
Calldata
#1forwardPayloadForExecution((uint256,uint8,address,uint40))chain 0x1
Target
0x9aee…2bc7
Value
0 wei
Function
forwardPayloadForExecution((uint256,uint8,address,uint40))
Arguments
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Calldata

05Tally

Summed from votes

Voters11
VP participating392.3K
Outcome (current)For
Current support100%

06Voters

11 total

No votes recorded yet.

07Forum

No forum thread is confidently linked to this proposal.