A recap of the Aave ecosystem, January 24th to 30th 2022
For anyone free from worrying about petting their Aavegotchi everyday, featuring: Grantee Spotlight 🔦 , Aave Weekly ⚡️ , Risk 🔎 , State of the protocol 📰 , Ecosystem 🧉 , Governance ⚖️, Upcoming events 📆 , and Water cooler 🆒
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Spotlight: MiniMice 🔦
For this week’s Spotlight 🔦 , we are taking a deep dive with Project MiniMice, an Aave bounty winner. Check out the full Q&A to learn more about MiniMice. Big thanks to Gy from EthicHub for taking the time to answer our questions!
Aave Weekly ⚡️
The Aave Weekly Newsletter brings readers insights on protocol liquidity, income and other performance metrics.
The Aave Protocol closes week 5 of 2022 with $20.9 billion of liquidity:
- 43.5% Utilisation, generating $5.7m of estimated interest for depositors
- $74m of Flash Loan volume, generating $66k of fees for depositors
- $33m liquidated, generating $3m of fees to liquidators
- $690k for the ecosystem collectors now holding $42.7m
- $9.5m generated by the protocol this week
- With an additional $1.6m $StkAAVE, $2.7m $WMATIC & $2.4m $WAVAX distributedat the weekly close price
Protocol Liquidity
Protocol Usage
Safety Module
You can download the Aave Weekly pdf from the governance forum.
Risk 🔎
In case you haven’t seen it, check out the Aave Risk Dashboard by Gauntlet at gov.gauntlet.network/aave. The Gauntlet team is particularly keen on iterating on this dashboard for the community and would love feedback via this Google Form.
Risk Dashboard Updates (From Gauntlet):
Details can be found in this Medium article
At Gauntlet, we aim to drive understanding and adoption of DeFi. In order to provide more clarity on market risk in Aave, we have made updates to our risk dashboard. To summarize, we have split our existing VaR into insolvencies (new definition of VaR) and liquidations (Liquidations at Risk or LaR). As a result of this change, VaR will now appear substantially lower and the bulk of capital at risk will appear in LaR.
Gauntlet Support Plan for Users Impacted by AIP-55:
Details can be found in this forum post
AIP-55 mistakenly changed ENJ parameters that were intended for FEI. As a result, ENJ’s liquidation threshold was lowered from 70% to 60%. Gauntlet has conducted analysis on users who were potentially impacted (driven to liquidation) by the lower liquidation threshold for ENJ collateral. Gauntlet will be reimbursing all users who were liquidated (between the time of AIP 55 execution and last Friday) who held any ENJ collateral at the block before liquidation. Details of Gauntlet’s support plan can be found here. In addition, AIP-57 was passed and executed to revert ENJ changes.
It is becoming increasingly important to have robust checks in place to prevent future issues in governance proposals. Gauntlet is happy to serve as a resource to the community and discuss with any parties looking to put up their own governance proposals.
State of the protocol 📰
- Aave V3 was deployed on 7 testnets - try it out today on Ethereum Rinkeby, Fantom Testnet, Harmony Testnet, Arbitrum Rinkeby, Polygon Mumbai, Optimism Kovan, and Avalanche Fuji. This is just the start of where V3 will be as Snapshot votes continue to roll in to get the community’s support to launch on other chains with the latest being Boba, Metis, and BitTorrent Chain. Check out the Github and start testing today.
- The Polygon Market has a fresh look with new assets BAL, CRV, DPI, GHST, LINK, SUSHI, and GHST (hello 👋 ). This is the first crosschain governance proposal which allows a vote to take place on one network while being executed on another, in this case Ethereum and Polygon. Look out for amGHST and camVaults from Qi Dao.
- The Centrifuge team shared an update on the Real World Asset Market that is now over $10M in size. Read the full post for other highlights and what’s next. Plus, join the team talk with Stani on February 2nd.
Ecosystem 🧉
- The Snapshot to approve the bounty from the xSUSHI incident received 100% votes (109k AAVE) in favour and as such the payment will go on to be administered by Aave Grants 👻
- Station announced Waiting Room, a decentralized hiring tool built on Station Protocol. Features include an initiative board so people can contribute as fast as possible, decentralized hiring so the community can endorse contributors, and identity NFTs that store role metadata 🌐
- Flipside Crypto shared an overview of Community-Enabled Analytics that the Flipside community has been creating for the Aave ecosystem. There have been 634 submissions from 129 unique users. Of those, 98% had never held $AAVE and 69% still have it in the ecosystem. Check out the post for the top 5 submissions including a Key Metrics Super Dashboard 📈
- Paladin has created a proposal on their forum to create an AAVE / palStkAAVE Curve pool to enhance liquidity between Aave and stkAAVE - read more here 🥂
- Join Sacred’s graphic media contest for a chance to win SACRED - submissions due by February 4th 🎨
- Checkout a TON of jobs that Tally is hiring for 📎
- HAL secures $3 million seed funding and integration with DeFi platform Aave 🚨
Governance ⚖️
On-chain votes:
- Revert ENJ Parameter Changes and Enable FEI as Collateral on Aave V2 | Governance discussion | ✅ Executed
- Add Assets to Aave Polygon Market and Update WMATIC Risk Parameters | Governance discussion | ✅ Executed
Snapshot votes:
- ARC - Enable Borrowing of DPI on Aave Markets | Governance discussion | 🗳 Vote until February 4th
- Should UMA token be added as collateral on Aave? | Governance discussion | 🗳 Vote until February 3rd
- Launch Aave V3 on Metis Andromeda | Governance discussion | 🗳 Vote until February 3rd
Other discussions:
- Launch Aave V3 on Avalanche
- Add FRAX as Collateral to Aave V2
- ARC: Add Support for LUSD
- ARC - Consolidate Aave V1, V2 & AMM Reserve Factors, Purchase CVX and Deploy to Earn Yield
- Add MIM to Aave V2
Upcoming Events 📆
- Bringing Real World Assets to the Aave Protocol - February 2, 2022 at 16:00 CET
- Aave Grants Community Call - February 9th
- ETHDenver - February 11 - 20, 2022 - including Bleeding Edge, an Aave Grants DAO x Alliance DAO Mini Summit on February 17th 👀
Water cooler 🆒
Front end down? IPFS has got you covered 💪
