Simple Summary

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

• Acquire GHO to support the runway; and,
• Create Allowances to support Operations,
• Paying out bug bounties and reimbursements.

Motivation

This publication addresses near-term operational requirements, consolidates asset holdings, and refreshes the MainnetSwapSteward’s Allowances to support buyback and runway initiatives.

The MainnetSwapSteward will continue executing a rolling GHO acquisition strategy to maintain adequate runway, support AAVE buybacks, and preserve sufficient budget to fund ongoing growth initiatives.

Reimburse TokenLogic for costs incurred in facilitating the audit of one PR intended to streamline the UX for moving from USDC or USDT to GHO or sGHO. The Gho Router contract allows users to swap underlying or stata tokens for GHO, use GSMs (Gho Stability Modules), and enter/exit sGHO. The total cost of ChainSecurity’s audit was 21,322 GHO.

Specification

Runway

Deposit idle ETH on the Collector into the Aave v3 Core instance.

Merit Program

Create an allowance for Merit of 2M aEthLidoGHO from Aave V3 Prime on Ethereum, sufficient to cover slightly more than 7 weeks of duration at the current 275k/week spend rate:

Asset: aEthLidoGHO: 0x18eFE565A5373f430e2F809b97De30335B3ad96A Amount: 2M Spender: Merit 0xdeadD8aB03075b7FBA81864202a2f59EE25B312b Method: approve() aEthLidoGHO on the Aave Collector contract to the Merit address

Avalanche

To support asset bridging, an Allowance will be created, enabling the AFC to bridge the following assets from Avalanche to Ethereum.

Amount: 1.55M aAvaUSDT 0x6ab707Aca953eDAeFBc4fD23bA73294241490620 Amount: 650k avUSDT 0x532E6537FEA298397212F09A61e03311686f548e Amount: 2.25M avUSDC 0x46A51127C3ce23fb7AB1DE06226147F446e4a857 Amount: 3.5M aAvaUSDC 0x625E7708f30cA75bfd92586e17077590C60eb4cD Amount: 2.75M aAvaDAI 0x82E64f49Ed5EC1bC6e43DAD4FC8Af9bb3A2312EE Amount: 118,000 aAvaWAVAX 0x6d80113e533a2C0fe82EaBD35f1875DcEA89Ea97 Amount: 4 aAvaBTC.b 0x8ffdf2de812095b1d19cb146e4c004587c0a0692 Amount: 8 aAvaWETH 0xe50fA9b3c56FfB159cB0FCA61F5c9D750e8128c8 Amount: 335 WETH.e 0x49D5c2BdFfac6CE2BFdB6640F4F80f226bc10bAB Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Method: approve() the above assets on the Aave Collector contract to the AFC address. The holdings shall be consolidated into USDT, USDC and WETH before being deposited into the Ethereum Core instance.

Base

Wrap native ETH to wETH.

To support asset bridging, an Allowance will be created, enabling the AFC to bridge the following assets from Base to Ethereum.

Amount: 625 WETH 0x4200000000000000000000000000000000000006 Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Method: approve() the above assets on the Aave Collector contract to the AFC address. The holdings shall be transferred to the Collector Contract in the form of wETH on Ethereum.

Arbitrum

To support asset bridging, an Allowance will be created, enabling the AFC to bridge the following assets from Arbitrum to Ethereum.

Amount: 1,350 aArbWETH 0xe50fA9b3c56FfB159cB0FCA61F5c9D750e8128c8 Amount: 65 aArbweETH 0x8437d7C167dFB82ED4Cb79CD44B7a32A1dd95c77 Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Method: approve() the above assets on the Aave Collector contract to the AFC address. The holdings shall be transferred and consolidated into wETH, then sent to the Collector Contract on Ethereum.

Linea

To support asset bridging, an Allowance will be created, enabling the AFC to bridge the following assets from Linea to Ethereum.

Amount: 190 aLinWETH 0x787897dF92703BB3Fc4d9Ee98e15C0b8130Bf163 Amount: 220k aLinUSDC 0x374D7860c4f2f604De0191298dD393703Cce84f3 Amount: 140k aLinUSDT 0x88231dfEC71D4FF5c1e466D08C321944A7adC673 Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Method: approve() the above assets on the Aave Collector contract to the AFC address. The holdings shall be transferred and consolidated into USDC, USDT and wETH, then sent to the Collector Contract on Ethereum.

Scroll

To support asset bridging, an Allowance will be created, enabling the AFC to bridge the following assets from Scroll to Ethereum.

Amount: 175 aScrWETH 0xf301805bE1Df81102C957f6d4Ce29d2B8c056B2a Amount: 101k aScrUSDC 0x1D738a3436A8C49CefFbaB7fbF04B660fb528CbD Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Method: approve() the above assets on the Aave Collector contract to the AFC address. The holdings shall be transferred and consolidated into USDC and wETH, then sent to the Collector Contract on Ethereum.

Plasma

To support asset bridging, an Allowance will be created, enabling the AFC to bridge the following assets from Plasma to Ethereum.

Amount: 55 aPlaWETH 0xf1aB7f60128924d69f6d7dE25A20eF70bBd43d07 Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa

Method: approve() the above assets on the Aave Collector contract to the AFC address. The holdings shall be transferred and consolidated into wETH, then sent to the Collector Contract on Ethereum.

Ethereum

To support the continued success of the friendly Tydro deployment, an AAVE Allowance from the Ecosystem Reserve will be created to fund an upcoming incentive campaign.

Amount: 200,000 AAVE 0x7Fc66500c84A76Ad7e9c93437bFc5Ac33E2DDaE9 Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa Method: approve() the above assets on the Ecosystem Reserve contract to the AFC address from which it will be routed to the Ink Network.

Funding Flexibility

Wrap native ETH to wETH.

To support continued operations and provide flexible funding optionality, create the following Allowance.

Amount: 25k WETH 0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2 Amount: 600 weETH 0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee Amount: 220 wstETH 0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0 Amount: 60 rETH 0xae78736Cd615f374D3085123A210448E74Fc6393 Amount: 4k aEthWETH 0x4d5F47FA6A74757f35C14fD3a6Ef8E3C9BC514E8

Spender: Ahab 0xAA2461f0f0A3dE5fEAF3273eAe16DEF861cf594e Method: approve() on the Aave Collector contract to the ahab address

Token Budget

Reference: MainnetSwapSteward forum post.

Alongside these budgets, add ability to swap tokens to WETH. Add WBTC as a swappable asset, with corresponding oracle. Add cbBTC as a swappable asset, with corresponding oracle. Add LINK as a swappable asset, with corresponding oracle. Add 1Inch to WETH path. Add SNX to WETH path. Add UNI to WETH path.

Update Stream

Cancel StreamID 100015 due to misconfiguration. The respective Service Provider will refund the portion of AAVE tokens corresponding to the remaining stream duration.

Reimbursements

Reimburse 21,322.38 GHO to TokenLogic for GhoRouter audit expenses incurred.

Asset: GHO: 0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f Amount: 21,322.38 Spender: TokenLogic 0xAA088dfF3dcF619664094945028d44E779F19894

Create 1M aEthLidoGHO allowance to Aave Labs in order to reimburse for on-going audit costs.

Asset: aEthLidoGHO: 0x18eFE565A5373f430e2F809b97De30335B3ad96A Amount: 1M Spender: Aave Labs 0xaaf400e4bbc38b5e2136c1a36946bf841a357307 Method: approve() the above assets on the Collector.

Bug Bounty

• 5,000 GHO to 0xa9E6B917F3e0a89664d648B6DF474AB88D0D15ff

• $500 GHO to 0x7119f398b6C06095c6E8964C1f58e7C1BAa79E18 (immunefi.eth). This is the fee corresponding to 10% of the previous bounty.

  Reference: https://governance.aave.com/t/bgd-request-for-bounty-payout-march-2026/24364

References

• Implementation: AaveV3Ethereum, AaveV3Avalanche, AaveV3Arbitrum, AaveV3Base, AaveV3Scroll, AaveV3Linea, AaveV3Plasma
• Tests: AaveV3Ethereum, AaveV3Avalanche, AaveV3Arbitrum, AaveV3Base, AaveV3Scroll, AaveV3Linea, AaveV3Plasma
• Snapshot: Direct-to-AIP
• Discussion

Copyright

Copyright and related rights waived via CC0.