Treasury Management - Add to rETH Holding (resubmission)
01Summary
Convert all wETH held in Aave's Ethereum Treasury to rETH to earn higher yield (3.07% vs Aave v3 ETH deposit yield) while retaining 100 aEthWETH for DAO expenses and promoting Ethereum network diversity.
- Type
- treasury allocation
Key changes
- Swap all wETH holdings into RocketPool's rETH(high)
- Retain 100 aEthWETH tokens as reserve for DAO expenses and quarterly gas rebates(medium)
- Increase yield on ETH treasury holdings from current Aave v3 deposit yield to 3.07% rETH yield(high)
Notable concerns
- Concentration of treasury assets in a single liquid staking derivative (rETH)
- Counterparty risk with Rocket Pool protocol
Generated by Kvorum
02Description
Simple Summary
This AIP will convert all wETH held in the DAO’s Ethereum Treasury to rETH.
Motivation
This AIP proposes using all available wETH to acquire 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
The previous attempt of this AIP performed the following:
- Withdraw all awETH to wETH
- Withdraw all but 100 aEthWETH to wETH
This AIP will perform the following:
- 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 v3 pattern: the top-level on-chain action does not itself perform the wETH→rETH swap; instead it forwards execution to a separate payload contract (0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5, payload ID 1) which is referenced in the proposal's 'Implementation' link as the AaveV3Ethereum treasury management payload. This forwarding mechanism is boilerplate for how Aave AIPs execute and is not something the description would be expected to spell out. However, because the decoded calldata provided here only shows the forwarding call and not the internal logic of the target payload, I cannot directly verify that the payload performs exactly a wETH-to-rETH swap while retaining 100 aEthWETH as described. There is no evidence of a mismatch, target redirection, or omitted action within the visible calldata — the single action is consistent with dispatching a treasury-management payload as claimed. Given the inability to inspect the payload's internal calls, confidence in a full action-by-action comparison is low, though nothing in the available data contradicts the description.
Generated by Kvorum
04Actions
- Target
- 0x9aee…2bc7
- Value
- 0 wei
- Function
- forwardPayloadForExecution((uint256,uint8,address,uint40))
- Arguments
{ "0": [ "1", "1", "0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5", "34" ] }- Calldata
05Tally
Summed from votes
06Voters
No votes recorded yet.
07Forum
No forum thread is confidently linked to this proposal.
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