A recap of the Aave ecosystem, June 28th to July 4th 2021
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This is Aave News, a selection of the finest stories and updates from the Aave ecosystem. This week the community call takes centre stage, so updates from AGD are bumped to the top.
Enjoy.
Aave Grants DAO Update 🏗
New brand. Our new brand by @Lauracsc_ was unveiled. The visual identity reflects its connection to Aave, with the main elements representing different aspects of the community. What do you think?
Second community call. The second ever AGD community call and what we believe was the first for a DeFi Dao to do on Twitter Spaces took place on July 1st. Over 200 Aavengers were listening in at the peak and the call was packed with 🔥🔥🔥 updates. In case you missed the call or could not keep up, below are highlights from each speaker.
Also, Introducing '👻 Ask' !
Make your voice heard. These are requests for the Aave community to provide feedback or opportunities to get involved. Each of the '👻 Ask' made during the call were:
- 👻 Ask: AGD is looking to add someone to lead coordinating and organizing events with our partners like HackMoney and Gitcoin. If this is you, reach out to @AaveGrants or @Helloshreyas.
- 👻 Ask: Community analysis on the success of the liquidity mining program or any other feedback on what a new program should look like. Post any response or feedback as a comment to the original post on the governance forum.
- 👻 Ask: Any interesting analytics you want to see that are not currently possible with Dune? Get in touch with Omni Analytics.
Updates on Aave Grants DAO by @HelloShreyas
- So far, AGD has funded seven projects and distributed $293k total. Projects include the following:
- AGD recruited a community member as a content lead, 0xbilll (yours truly!), working on Aave News to start. Look out for conversations with folks from the Aave ecosystem and other content initiatives tba 👀
- ~Five grants in the pipeline - stay tuned 👀👀
- 👻 Ask: AGD is looking to add someone to lead coordinating and organizing events with our partners like HackMoney and Gitcoin. If this is you, reach out to @AaveGrants or @Helloshreyas.
- Aave News is what you're reading now! Be sure to subscribe for early access and share to spread the ghost news.
- Get involved! Last month I shared notes from the first community call and weekly summaries of the Aave ecosystem, and this month I’m working for the DAO 🥰
- @paraficapital proposed the original liquidity mining program that launched in April. The program distributed 2200 stAAVE/day (800,000 per year) over three months and is set to end July 26th.
- The program has made solid progress towards the two objectives set out in the original proposal.
- ParaFi wants to hit the ground running on July 26th:
- Should the liquidity mining program be continued? If so;
- Should the distribution of rewards be changed?
- What assets should be included? CGL was on the last community call to make the case for adding LINK. Should rewards be expanded to stkAAVE?
- Should the distribution between lenders and borrowers change?
- ParaFi will gather community feedback over the next few weeks and then release a new proposal including thoughts on making the process of adding new assets more scalable.
- 👻 Ask: Community analysis on the success of the liquidity mining program or any other feedback on what a new program should look like. Post any response or feedback as a comment to the original post on the governance forum.
- Gasless voting on Snapshot will allow Aave teams to poll AAVE holders wherever they are. This means reaching community members beyond just stkAAVE holders. Currently, users with AAVE staked in Balancer pools, aAAVE and, AAVE / aAAVE on Polygon can participate.
- There was one AIP since the last community call, AIP 22: Add RAI to Aave V2 as a lending currency. It passed with a 65% yes vote which is the most controversial so far.
- More delegates came on including @PennBlockchain and @BrownBlkChn. Check out everyone waiting for delegation on Sybil.
- Tally is looking to add Aave voting to their main site 👀 Their grant is for something different though...
- Safeguard - “a small governance lego” that adds accountability and transparency to governance actions by linking together two smart contracts so one has oversight over the other. This makes it safer to delegate authority by introducing a veto action to act as oversight.
- This helps DAOs move to an “optimistic governance.” It is too slow for governance to get buy-in for every action so trusting people will do the right thing with a way to claw back authority is a better alternative.
- Llama is excited to be handling treasury management for AGD.
- Proposal sent with seven key deliverables including, a vision for managing the treasury that will enable Aave to grow and be active in the ecosystem, an investment policy statement, detailed strategies on how to utilize the treasury, and financial reporting.
- Gelato wants to bring on “Gelato summer” so DeFi users can go outside without worrying about their positions getting rekt.
- They are building out an 'Automated Health Factor Maintenance' tool for Aave starting with Polygon, and are currently working on an UI. On the UI, users can enter a minimum Health Factor (HF) and a target HF, and then sleep peacefully knowing Gelato will never allow the HF to go below their chosen minimum.
- Since launching in February, they have refinanced over a million dollars on Aave.
- Omni Analytics is a boutique statistical consulting company that has been operating in the crypto sphere for four years.
- They already have a dashboard for Aave (see below in the State of the protocol 📰 section), and are creating a dashboard for Polygon soon 👀
- In order to go above and beyond what is possible with Dune and do more advanced analysis for the next version, they will be using the covalent API and rewriting the analytics in r.
- 👻 Ask: Any interesting analytics you want to see that are not currently possible with Dune? Get in touch with Omni Analytics.
- Filling RFPs are off to a great start. High priority RFPs that have been answered include Risk DAO (new proposal recently went up, more below in the Ecosystem🧉 section), Aave News, and Llama for Treasury Management (see above).
- There are still high priority unanswered RFPs:
- Governance UI - Purpose built front-end for governance and voting.
- Developers DAO - Support core protocol development of the Aave protocol. The application is currently live.
- Stablecoin Growth - Projects and integrations that bring more stablecoin deposits into Aave.
- The broad goal is to fund efforts that help push the Aave ecosystem forward, so creative proposals outside the listed RFPs are welcome!
- For anyone interested in getting involved, check out the Aave Github or join the Developers DAO.
- Upcoming releases:
- Cross chain governance bridge for Aave governance. This will allow governance on Ethereum to govern markets on other EVM compatible chains, starting with Polygon and Arbitrum.
- New protocol iteration with new features and gas savings. It will be backwards compatible, meaning no migration will be necessary. The code is currently under audit by @sigp_io and is expected to debut on Arbitrum deployment when they launch.
- Browse RFPs from AGD: https://aavegrants.org/Request-for-Proposals-160203ba5d1746daae31588924a6680a
- Chat with the community on Telegram: https://t.me/aavegrantsda
- Join the discussion on the governance forum: https://governance.aave.com
- Learn more about AGD: https://aavegrants.org or aavegrants@gmail.com
- Subscribe to Aave News: https://aavenews.substack.com/
Aave News - rundown by @0xbilll
Update on liquidity mining by @santiagoroel and @anjan_vinod
1. Migrating liquidity from V1 to V2. The V1 market has decreased from $2.5 billion to $436 million.
2. Increasing the dollar value of assets deposited. There has been a 4x to 10x increase in the dollar value borrowed and lent across USDC, USDT and DAI.
Governance updates by @statelayer
Four projects from the Aave Grants DAO: Tally, Llama, Gelato Network, and Omni Analytics
Tally by @RafaelSolari
Llama by @Matthew_Graham_
Gelato Network by @gitpusha
Omni Analytics by @Ericrhare
Aave Grants DAO RFPs by @_alekslarsen
Updates from Aave Dev Team by @The3D_
State of the protocol 📰
Omni Dashboard. As mentioned in the community call, Omni Analytics has a detailed Dune Dashboard for Aave. The dashboard includes usage metrics, volume, economics, segment behavior, and staking info. This is just the start of what Omni is looking to build out, and you can read more about their plans in the community call recap in the AGD Update 🏗 section.
For more performance metrics, Aave's own @A_BertoG drops a weekly breakdown of protocol performance on the governance forum.
Ecosystem 🧉
Gitcoin Hackathon - last chance. If you have been hacking on Gitcoin Round 10, do not forget to submit your application! Aave is sponsoring three bounties worth 15,000 USDC. Read the full challenge statement. At the time of this Aave News being uploaded, there are still two+ days before the hackathon ends!
New Andre Prototype. The tool that Andre had teased earlier is listed amongst other prototypes he has in the works. The tool allows users to "delegate unused funds from open Aave positions to Yearn vaults to maximize growth." REPEAT: This is a prototype being shared for your interest.
Join the Risk DAO. The Risk DAO builds and supports on Aave's established risk framework including asset risk, liquidity risk, and technical risk. If you have oracle, legal or other applicable experience and are looking to get involved, read more and post in the governance thread.
Governance ⚖️
Who first? We are still waiting for the first non-test proposal to go up on the Aave Snapshot that went live last week. One use case that AGD sees is using it to get a temperature check on larger sized grants. If no one steps up soon, we might have to be the first 🤝
New market watch 💹
aAMPL en route. After much discussion (an ARC was first posted on the governance forum in October 2020) and effort AMPL is getting closer to being listed on Aave. Last week, a bug bounty of $100,000 for aAMPL went live which is another positive step on AMPLs path to the big leagues.
Mark your calendar 📆
Right now. If you are a subscriber reading this when it is first sent out, you can catch a conversation with Stani in the Index Coop Discord (starting at 10:15 CDT). If not, look out for a recap next week!
HackMoney by @ETHGlobal - now through July 9th Sponsored by Aave, including $120,000 up for grabs! Submissions are due today and the winners are announced on Friday, July 9th.
EthCC 4 - July 20th to 22nd, 2021 Sponsored by Aave and featuring multiple speakers from the genesis team, including Ajit Tripathi (@chainyoda), Emilio Frangella (@The3D_), and of course Stani (@StaniKulechov).
Stani will also be speaking at:
SmartCon by ChainLink - August 5th to 7th Mainnet 2021 by Messari - September 20th to 22nd
Aave in the wild 🎙
Going Pro. Aave Pro was announced during a panel conversation that was moderated by @RebeccaRettig1 and featured Stani alongside @novogratz and @FireblocksHQ CEO Michael Shaulov.
The full video is worth a watch. They dive into what teams are seeing from institutions entering the space and the impact they are having. CoinDesk followed up discussing the whitelisting and blacklisting of DeFi participants.
Attendees received a follow up email with the following information on Aave Pro, something that has been teased for the past couple of weeks. Stani was quick to call the last point, that it will be "decentralised and governed by the Aave governance" the most interesting 👀
Water cooler 🆒
OIP-13. After discussion amongst the OlympusDAO community, a proposal to deposit 1 million DAI into Aave went live on Snapshot. Over the weekend, the proposal passed. This is another sign of the (3,3) and 👻 worlds coming closer together. Lately, Stani and other members in the Aave ecosystem have started to display (3,3) in their Twitter names 👀
Stani thoughts. Ending this week's Aave News off with some big-brain-cross-chain thoughts from Stani.
If you are building on Aave or have something you think should be shared in the next edition of Aave News, please get in touch with @0xbilll!