Aave

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Title: [ARFC] Set OP Emission Admin Author: @karpatkey_TokenLogic, @ACI & @ChaosLabs Dated: 2024-02-14

Summary

This proposal enables a SAFE with signers from @karpatkey_TokenLogic, @ACI and @ChaosLabs to distribute USDC rewards across Aave v3 on Optimism.

Motivation

Chaos Labs has been engaged by the Optimism Foundation to support the migration from bridged USDC.e to native USDC on the network.

As part of this project, a SAFE is to be created that will receive OP tokens on behalf of the Aave DAO. From this SAFE the OP rewards are to be distributed on Aave v3 Optimism.

The SAFE will be 3 of 3 and contains a nested SAFE that is 1 of 2.

@karpatkey_TokenLogic - @Sisyphos and @MatthewGraham @ACI - @MarcZeller @ChaosLabs - @OriN There is currently 15.48M units of USDC.e deposited on Optimism v3 that Chaos Labs & the Optimism Foundation intend to attract to USDC with the use of OP rewards.

Specification

The EmissionManager, a governance controlled function, assigns the Emission_Admin role for a specified token, OP on the Optimism network.

The Emission_Admin role controls the distribution of the specified token, OP, across the specified Aave v3 deployment.

The Emission_Admin can distribute OP anywhere across the Aave v3 Optimism Liquidity Pool.

Implementation

Set Emission_Admin permission for OP to the following SAFE address:

Aave v3 Optimism Address Reward (OP): 0x4200000000000000000000000000000000000042 EMISSION_ADMIN: TBA

The AIP call setEmissionAdmin() method in the emission_manager contract.

EMISSION_MANAGER.setEmissionAdmin(OP,EMISSION_ADMIN);

Next Steps

1. Gather community feedback on this ARFC.
2. If consensus is achieved, move this proposal to the ARFC snapshot stage.
3. If the ARFC snapshot outcome is YAE, proceed to the AIP stage

Disclosure

TokenLogic, karpatkey, ACI and Chaos Labs receive no payment for this proposal. TokenLogic, karpatkey and ACI are all delegates within the Aave community.

Copyright

Copyright and related rights waived under Creative Commons Zero (CC0).