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title: [ARFC] Consolidate Collector Contract & Secure Service Provider Runway author: @llama - @TokenLogic created: 2023-05-13

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Summary

This publication proposes swapping many long tail assets for aUSDC to be used for Service Provider renumeration.

Abstract

Aave DAO’s service provider aUSDC burn rate exceeds the aUSDC revenue. Consequently, assets held in the Ethereum Collector Contract need to be periodically swapped to USDC and deposited in Aave v2.

This publication intends to swap several assets via Cowswap to USDC. The USDC is to be deposited in Aave v2 for aUSDC and then used to remunerate Service Providers via the various streaming contracts.

Motivation

There is currently $1.7M aUSDC held in the Ethereum Collector contract.

There are a number of Service Providers requiring payment in aUSDC. The below summarises all of Aave’s active Service Provider commitments.

Details of each Service Providers funding can be found here by hovering the cursor over the respective Service Providers contract. Similar applies for the contract start and finish dates.

In order to provide sufficient funding, assets need to be converted to aUSDC. This publication proposes swapping assets to USDC and then depositing the USDC into Aave v2. The amount of aUSDC held post swap is estimated to be $4.5M which is sufficient to sustain the DAO in the short term.

During the next 6 months several Service Providers funding will expire and require re-approval from the DAO. Llama anticipates Service Providers migrating from aUSDC to aethUSDC. ie: from v2 to v3 aToken funding. Our next proposal will include transferring funds from Aave v2 to v3 which is an enabler for new funding requests to use aethTokens.

Specification

Perform the following:

• Redeem assets from various Aave deployments
• Claim accumulated fees from Paraswap
• Swap non USDC nominated assets to USDC via Cowswap
• Deposit USDC in Aave v2

EthereumClaimPayload prepared by @bgdlabs. The details can be found here.

The following asset holdings are to be converted to USDC.

Network	Instance	Token	Quantity	Value (USD)
Ethereum	Aave V2	aUSDT	974,000.00	$974,000.00
Ethereum	Aave V2	aDAI	974,000.00	$974,000.00
Ethereum	Aave V1	USDC	297,352.31	$297,411.92
Ethereum	Aave V2	aBUSD	285,748.81	$287,845.68
Ethereum	Aave ARC	aUSDC ARC	56,843.45	$56,854.84
Ethereum	Aave V1	USDT	32,004.18	$32,020.88
Ethereum	Paraswap Fee Claimer Short Executor	USDC	29,661.46	$29,657.45
Ethereum	Paraswap Fee Claimer Permissionless Claimer	USDC	26716.04889	$26,721.29
Ethereum	Aave RWA	aUSDC RWA	19,175.77	$19,173.18
Ethereum	Aave V2	aSUSD	18,433.16	$18,420.25
Ethereum	Aave V2	aTUSD	15,466.02	$15,574.98
Ethereum	Aave V2	aGUSD	14,060.32	$14,060.32
Ethereum	Aave V2	aUST	892,922.91	$13,442.60
Ethereum	Aave V2	aFRAX	11,178.45	$11,373.01
Ethereum	Aave V2	aMKR	13.03	$8,339.69
Ethereum	Aave V2	aUSDP	7,590.86	$7,613.76
Ethereum	Aave V2	aLUSD	4,256.38	$4,292.71
Ethereum	Aave V2	aYFI	0.49	$3,396.76
Ethereum	Aave V2	aUNI	459.53	$2,403.05
Ethereum	Aave V1	TUSD	1,604.09	$1,615.39
Ethereum	Aave V2	a1INCH	2,836.58	$1,174.26
Ethereum	Aave V1	BUSD	339.91	$342.40
Ethereum	Aave V1	MKR	0.49	$313.80
Ethereum	Aave V1	UNI	49.74	$260.09
Ethereum	Aave V1	YFI	0.03	$201.68
Ethereum	Paraswap Fee Claimer Short Executor	TUSD	131.62	$132.54
Ethereum	Aave V1	SUSD	90.40	$90.34
Ethereum	Paraswap Fee Claimer Permissionless Claimer	UNI	13.38318574	$66.61
Ethereum	Paraswap Fee Claimer Permissionless Claimer	BUSD	58.82777403	$59.41
Ethereum	Paraswap Fee Claimer Permissionless Claimer	YFI	0.005292643	$38.41
Ethereum	Paraswap Fee Claimer Permissionless Claimer	LUSD	22.41506409	$22.68
Ethereum	Paraswap Fee Claimer Short Executor	MKR	0.03	$18.77
Ethereum	Paraswap Fee Claimer Short Executor	YFI	0.00	$13.13
Ethereum	Paraswap Fee Claimer Permissionless Claimer	FRAX	10.680329	$10.58
Ethereum	Paraswap Fee Claimer Short Executor	UNI	2.00	$10.40
Ethereum	Paraswap Fee Claimer Permissionless Claimer	GUSD	9.96	$9.96
Ethereum	Paraswap Fee Claimer Permissionless Claimer	sUSD	8.265389733	$8.29
Ethereum	Paraswap Fee Claimer Permissionless Claimer	TUSD	1.663624248	$1.68
Ethereum	Paraswap Fee Claimer Permissionless Claimer	1INCH	3.743601522	$1.53
Ethereum	Paraswap Fee Claimer Permissionless Claimer	MKR	0.001908067	$1.28
				$2,800,995.60

The USDC is to then be deposited into Ethereum Aave v2 with the Collector Contract to hold aUSDC.

Copyright

Copyright and related rights waived via CC0.