Simple Summary

This publication presents the July Funding Update, consisting of the following key activities:

• Bridge funds to Ethereum from Arbitrum and Polygon;
• Extend EURe incentive campaign and,
• Swap LUSD, PYUSD and DAI to USDC.
• Gas costs reimbursement to ACI.
• Orbit renewal program.
• Continue AAVE Buybacks for 4 weeks.

Motivation

This publication combines near term operational needs and migrating assets held on L2s and side chains to Ethereum.

The below outlines the objectives of this publication:

• Consolidating funds to Ethereum; and,
• Support near term operational requirements.

Orbit Renewal

Orbit recognizes the added value of the Delegates in the decentralization & diversity of the Aave DAO. This compensation allows them to focus on Aave and keep their contribution efforts to our governance. The ACI proposes the extension of Orbit for a new quarter, Q2 2025, from 2025-04-01 to 2025-06-30.

The snapshot for Orbit can be found here. The governance discussion can be found here.

Specification

Bridge the following assets to Ethereum.

Swap the following assets as outlined in the table below on Mainnet:

Ahab Budget Extension

Asset: aEthUSDT 0x23878914EFE38d27C4D67Ab83ed1b93A74D4086a Amount: 0.25M

Asset: aEthUSDC 0x98C23E9d8f34FEFb1B7BD6a91B7FF122F4e16F5c Amount: 0.25M

Asset: aEthLidoUSDS 0x09AA30b182488f769a9824F15E6Ce58591Da4781 Amount: 0.25M

Asset: aEthLidoGHO: 0x18eFE565A5373f430e2F809b97De30335B3ad96A Amount: 0.25M

Spender: Ahab 0xAA2461f0f0A3dE5fEAF3273eAe16DEF861cf594e

Gnosis Liquidity Mining Rewards

GnosisV3Collector Approval Asset: aGnoEURe: 0x3e652E97ff339B73421f824F5b03d75b62F1Fb51 Amount: 6,000 Spender: ACI 0xdef1FA4CEfe67365ba046a7C630D6B885298E210

AAVE Buybacks

Create a 2M aEthUSDT and 2M aEthUSDC allowance for the Aave Finance Committee to perform 6 weeks of AAVE buybacks.

Asset: aEthUSDT 0x23878914EFE38d27C4D67Ab83ed1b93A74D4086a Amount: 2M

Asset: aEthUSDC 0x98C23E9d8f34FEFb1B7BD6a91B7FF122F4e16F5c Amount: 2M

Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Method: approve() aEthUSDT and aEthUSDC on the Aave Collector contract to the AFC address.

References

• Implementation: AaveV3Ethereum, AaveV3Polygon, AaveV3Arbitrum, AaveV3Gnosis
• Tests: AaveV3Ethereum, AaveV3Polygon, AaveV3Arbitrum, AaveV3Gnosis
• Snapshot: Direct-to-AIP
• SnapshotOrbit
• Discussion
• DiscussionOrbit

Copyright

Copyright and related rights waived via CC0.