Token Program Proposal Summary

TPP: AAVE DAO airdrop claim extension via new ZK capped minter for user incentives

Simple Summary

The AAVE DAO requests a new capped minter to enable access the ZK airdrop allocated to AAVE DAO. All ZK will be distributed to AAVE users and partner protocols on ZKsync.

Abstract

The motivation for this extension request is to ensure ZKsync Community don’t miss out on the expected allocated tokens due to the complexity and thoroughness required in implementing the Aave DAO’s claiming mechanism.

Because airdropped tokens were allocated to the Aave Collector Contract address on ZKsync, a full AIP on-chain proposal was required to claim them. Further, the claim had to be processed through Ethereum mainnet governance to then call a specific DAO-owned contract on the L2. This has not been a trivial development task. Aave v3 ZKsync Activation wasn’t executed until 2024-09-20 which didn’t allow as much time to be functional.

This proposal asks to assign the unclaimed airdropped ZK to to a new capped minter to allocate the planned airdrop directly to the AAAVE DAO by a multisig of relevant service providers.

Impact

The claimed tokens will be dedicated to planned incentive programs and cross-protocol collaborations. This aligns with ongoing governance initiatives for new asset onboarding and expansion of Aave instance borrow and supply caps on the network. The original plan was to use the airdrop allocation to bolster ZK incentive programs like the Ignite program and co-incentivize with partner protocols like Ethena and EtherFi. There was also discussion in the DAO to use airdrop allocation to help bootstrap GHO on the network. All tokens are to be distributed to ZKSync users through the aforementioned programs.

Mechanic

The representatives of the AAVE DAO have deployed a new ZK Capped Minter V2. Upon approval of this proposal, the MINTER role will be assigned to the Capped Minter. This will enable AAVE to mint ZK and distribute it to AAVE users on ZKsync.

Parameter configuration of AAVE DAO ZK Capped Minter:

1. token: 0x5A7d6b2F92C77FAD6CCaBd7EE0624E64907Eaf3E
2. cap: 8,301,475
3. startTime: 2025-01-15
4. expirationTime: 2025-07-15
5. admin: 0x77CC0A0582475bfD74CD838610e817d05c181E11

LINKS:

• ZK Capped Minter V2 Code
• ZK Capped Minter V2 Factory Code
• AAVE DAO ZK Airdrop Token Allocation

Plan

The tokens will be used to incentivize users of the Aave ZKsync instance.

The main points of the plan are:

• All tokens will be distributed to Aave users on ZKsync.
• None of the tokens will be used to pay for operations, analytics, interfaces, implementation or any other expenses.
• Metrics used to determine the rewarded user actions will mirror those used by the Ignite program, focussing on growth.
• Service providers will coordinate to ensure emissions are used effectively, and will be adjusted alongside deposit and borrow cap updates for individual assets.
• Best efforts will be made to coordinate with partner protocols to co-incentivize users of specific pools.

Accountability Framework

The ZK Capped Minter admin will be composed of a 3/5 multisig, including 3 independent accountability partners:

1. Marc Zeller, ACI (Aave DAO)
2. cr1st0f, ACI (Aave DAO)
3. Sisyphos, Karpatkey (https://www.karpatkey.com/)
4. efecarranza, Tokenlogic (https://www.tokenlogic.xyz/)
5. Matthew Graham, Tokenlogic (https://www.tokenlogic.xyz/)

The ACI will act as main representative of the multisig with Karpatkey and Tokenlogic serving as independent parties to ensure ZK tokens minted from the Capped Minter are distributed to AAVE users on ZKsync.