February Funding Update - Part B
Simple Summary
This publication presents the February Funding Update - Part B, which consists of performing the following key activities:
- Bridging funds to Ethereum;
- Create Merit & Ahab Allowances;
- Deposit previously swapped assets on Part A
Motivation
This proposal is a continuation of February Funding Update Part A and as part of our ongoing Treasury asset rebalancing strategy, this proposal when implemented will continue to:
- Bridging assets from Polygon, Arbitrum and Optimism to Ethereum;
- Continue reducing bridged USDC exposure in support of Native USDC adoption;
- Convert DAI to USDS;
- Prepare to unstake wstMATIC;
- Transfer BAL and CRV to ALC.
Specification
Bridge Assets to Ethereum Mainnet
Withdraw from respective Aave Protocol and bridge the following assets to Ethereum mainnet.
| Polygon v2 & Passive | Polygon v3 | Arbitrum v3 | Optimism v3 |
|---|---|---|---|
| amUSDC.e (All-100) | aPolDAI (All-1) | aArbLUSD (All-1) | aOptLUSD (All-1) |
| amBAL (All-1) | aPolWETH (All-1) | aArbUSDC (All-100) | aOptUSDC (All-100) |
| BAL (All) | aPolBAL (All-1) | aEthDai(All-1) | |
| USDC.e (All) | aPolUSDC.e (All-100) | Dai(All) | |
| AAVE (All) | aPolAAVE (All-1) | ||
| amWETH (All-1) | aPolstMATIC (All-1) | ||
| amDAI (All-1) | aPolDPI (All-1) | ||
| wETH (All) | aPolwstETH (All-1) | ||
| CRV (All) | aPolCRV (All-1) | ||
| wstETH (All) |
Deposit into Aave V3
| Instance | Asset | Amount |
|---|---|---|
| AaveV3EthereumCore | ETH | All |
| AaveV3EthereumPrime | GHO | 3M |
| AaveV3EthereumCore | USDS | All |
Withdraw and burn 3M GHO on Prime instance
As per Chaos Labs’ recommendation, withdraw and burn 3 Million GHO from Prime instance that had been previously been minted and supplied via the GhoDirectMinter Facilitator. Read more here.
Merit + Ahab Programs
Create allowances to the Merit_Ahab Safe, 3M GHO aEthLidoGHO and 800 aEthWETH from Aave v3 Prime and Core instances respectively:
SAFE: 0xdeadD8aB03075b7FBA81864202a2f59EE25B312b
References
- Implementation: AaveV3Ethereum, AaveV3Polygon, AaveV3Optimism, AaveV3Arbitrum
- Tests: AaveV3Ethereum, AaveV3Polygon, AaveV3Optimism, AaveV3Arbitrum
- Snapshot: Direct-to-AIP
- Discussion
Copyright
Copyright and related rights waived via CC0.
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x57ab...112922 | 386,523 | YAE |
 EzR3aL | 115,938 | YAE |
 0x8b37...502a22 | 115,017 | YAE |
 TokenLogic | 46,809 | YAE |
 StableLab | 43,339 | YAE |
VOTE POWER
Proposal Status
- Sat March 01 2025, 11:12 amVoting Period Starts
- Tue March 04 2025, 11:12 amEnd Voting Period
- Tue March 04 2025, 11:51 amQueue Proposal
- Tue March 04 2025, 11:52 amExecute Proposal
Current Results
1-YAE
786,957.44
2-NAY
N/A Tokens