Simple Summary

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

• Acquire GHO to support runway;
• Consolidate assets on Ethereum and,
• Create Allowances to support Operations.

Motivation

This publication addresses near-term operational requirements, consolidates asset holdings, and facilitates enabling the MainnetSwapSteward to utilise ETH to acquire AAVE and/or GHO to support buyback and runway initiatives.

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

Reimburse TokenLogic for costs incurred facilitating the audit of two PRs intended to support the sGHO upgrade. The first PR reviewed was sGHO developed by kpk, which received updates to address outstanding comments, and a follow-up order was issued. The second PR was sGhoSteward, developed by BGD Labs to manage the rate at which GHO interest accrues on the sGho contract. The total cost of Sherlock’s audit was 24,900 USDC.

Specification

Mainnet

Update Aave Swapper Permission To support continued AAVE and GHO Buybacks, extend the following permissions to the SwapStewardContract contract.

Swap From Asset: wETH Swap To Asset: GHO, AAVE, USDC, USDT Increase WETH budget by 3,000 WETH Increase USDT budget by 2,000,000 USDT

Reimburse 24,900 GHO to TokenLogic for sGHO audit expenses incurred.

Asset: GHO: 0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f Amount: 24,900 Spender: TokenLogic 0xAA088dfF3dcF619664094945028d44E779F19894

Deposit idle ETH on the Collector to aWETH on Aave V3.

Polygon

With EURS trading above the peg, EURS will be withdrawn from Aave on Polygon and bridged to mainnet.

Create an Allowance that enables the AFC to receive EURS, convert it to USDC, and bridge the proceeds to Ethereum.

Amount: 79,000 aEURS 0x38d693cE1dF5AaDF7bC62595A37D667aD57922e5 Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa Method: approve() above assets on the Aave Collector contract to the AFC address

Bridge all of the following via the AavePolygonEthereumBridge:

• DAI
• WBTC
• USDC.e
• WETH

To support bridging assets not supported by the above, an allowance will be created, enabling the AFC to bridge the following assets from Polygon to Ethereum.

Amount: 125,000 aUSDCn 0xA4D94019934D8333Ef880ABFFbF2FDd611C762BD Amount: 230,000 aUSDT0 (split between v2/v3) 0x6ab707Aca953eDAeFBc4fD23bA73294241490620 Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa Method: approve() the above assets on the Aave Collector contract to the AFC address

Base

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

Amount: 1,300,000 aUSDC 0x4e65fE4DbA92790696d040ac24Aa414708F5c0AB Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa Method: approve() the above assets on the Aave Collector contract to the AFC address

Arbitrum

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

Amount: 3,300,000 aUSDCn 0x724dc807b04555b71ed48a6896b6F41593b8C637 Amount: 1,300,000 aUSDT0 0x6ab707Aca953eDAeFBc4fD23bA73294241490620 Amount: 37 aWstETH 0x513c7E3a9c69cA3e22550eF58AC1C0088e918FFf Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa Method: approve() the above assets on the Aave Collector contract to the AFC address.

Bridge all of the following via the AaveArbitrumEthereumBridge:

• DAI
• LINK
• USDC.e

References

• Implementation: AaveV3Ethereum, AaveV3Polygon, AaveV3Arbitrum, AaveV3Base
• Tests: AaveV3Ethereum, AaveV3Polygon, AaveV3Arbitrum, AaveV3Base
• Snapshot: Direct-to-AIP
• Discussion

Copyright

Copyright and related rights waived via CC0.