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Title: [ARC] stMATIC & MaticX Emission_Admin for Polygon v3 Liquidity Pool Author: @llamaxyz @MatthewGraham Dated: 2022-11-11

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Simple Summary

@llamaxyz proposed assigning the stMATIC and MaticX Emission_Admin role on the Aave v3 Polygon Liquidity Pool to a Gnosis Safe controlled by the Polygon Foundation.

Abstract

The Polygon Foundation team intends to distribute stMATIC and MaticX incentives to the wMATIC Reserve on Polygon Aave v3.

In order to achieve this, the EmissionManager contract needs to assign an owner to the Emission_Admin permission allowing stMATIC and MaticX rewards to be distributed, [1,2]. This can only be achieved via the governance process.

This proposal assigns the Emission_Admin permission to stMATIC and MaticX rewards to the following address 0x0c54a0BCCF5079478a144dBae1AFcb4FEdf7b263.

Motivation

The motivation of the proposal is to enable stMATIC and MaticX rewards to be distributed on the Polygon v3 Liquidity Pool.

Please do note a similar request was submitted enabling the Lido community to distribute LDO rewards across the Polygon Aave v3 liquidity pool, [3].

Specification

The Polygon Foundation team will determine the emission rate and duration at which stMATIC and MaticX rewards are offered. This will likely be influenced by the Aave DAO’s ability to adjust the wMATIC, stMATIC and MaticX risk parameters that enable users to generate a return from leverage the stMATIC / wMATIC and MaticX/wMATIC loop.

The Emission_Admin is not limited to a specified Reserve and is linked to the token being distributed across the Liquidity Pool. The EmissionManager determines the stMATIC and MaticX Emission_Admin and not the stMATIC or MaticX Reserve. The Emission_Admin can distribute stMATIC and MaticX anywhere across the Aave v3 Polygon Liquidity Pool.

Implementation

Set Emission_Admin permission for stMATIC matic:0x3A58a54C066FdC0f2D55FC9C89F0415C92eBf3C4 and MaticX matic:0xfa68FB4628DFF1028CFEc22b4162FCcd0d45efb6 on the Polygon v3 Liquidity Pool to Polygon Foundation’s address: matic:0x0c54a0BCCF5079478a144dBae1AFcb4FEdf7b263, [4,5,6].

References

[1] https://docs.aave.com/developers/guides/governance-guide/rewards#create-proposal [2] https://github.com/aave/aave-v3-periphery/blob/master/contracts/rewards/interfaces/IEmissionManager.sol [3] https://governance.aave.com/t/arc-ldo-emission-admin-for-polygon-v3-liquidity-pool/10575 [4] https://polygonscan.com/token/0x3a58a54c066fdc0f2d55fc9c89f0415c92ebf3c4 [5] https://polygonscan.com/token/0xfa68fb4628dff1028cfec22b4162fccd0d45efb6 [6] https://gnosis-safe.io/app/matic:0x0c54a0BCCF5079478a144dBae1AFcb4FEdf7b263/balances [7] https://creativecommons.org/publicdomain/zero/1.0/

Copyright

Copyright and related rights waived via CC0, [7].