Aave

[TEMP CHECK] Onboard rstETH to Aave V3 Prime Instance

Author: ACI

Date: 2024-12-18

Summary

This is a TEMP CHECK to gauge community sentiment for onboarding P2P’s rstETH on AAVE V3 Ethereum.

To align best with goals of all relevant stakeholders, this proposal suggests onboarding rstETH to the Aave v3 Prime instance.

Motivation

rstETH is a restaking vault token built on top of Mellow and Symbiotic. It currently has over $250m in TVL and is one of the largest Mellow restaking vaults.

Adding rstETH to the Aave v3 Prime instance brings additional synergies for all stakeholders.

rstETH will add additional demand for wstETH borrowing, making the wstETH looping more favorable for the main users. Incentives from P2P and other members of the Symbiotic and Mellow ecosystem can bring additional wstETH liquidity to the Prime instance, bolstering the existing liquidity mining campaigns.

Chain to be deployed/listed

Aave v3 Prime instance on Ethereum

Proof of Liquidity and Deposit Commitments

Stakeholders in the ecosystem have expressed support for liquidity commitments and incentives. We invite relevant members of the community to provide further details on these during the TEMP CHECK comment phase.

Specification

rstETH: 0x7a4EffD87C2f3C55CA251080b1343b605f327E3a

Risk Parameters:

Initial Risk Parameters will be provided by Risk service providers during the ARFC phase.

Useful Links

P2P

Documentation

Github

Disclaimer

The Aave Chan Initiative is not directly affiliated with P2P and did not receive compensation for creation this proposal.

Next Steps

1. Period of comment on this TEMP CHECK.
2. TEMP CHECK Snapshot vote for this proposal.
3. If TEMP CHECK is a YAE, publish a standard ARFC, collect community & service providers feedback before escalating proposal to ARFC snapshot stage.
4. If the ARFC snapshot outcome is YAE, publish an AIP vote for final confirmation and enforcement of the proposal.

Copyright

Copyright and related rights waived under CC0.