This semester, Penn Blockchain will continue to do governance with delegated tokens. Here’s our recent Snapshot Labs ⚡ votes for Aavesome (Aave).
Huge thanks to Standard Crypto for delegating us voting rights to 10k $AAVE (~$1.5m at time of writing).
Proposal 1: Launch Aave on Boba Network: Pretty self explanatory, the main reason for this is because Boba doesn’t have a super trusted and popular money market and launching on Boba would prove to be super helpful in the long run especially from a TVL perspective. From our standpoint, the only downside is the opportunity cost of investing time into expanding on Boba might possibly be worth better exploring starting on other chains.
Our decision: No: We do believe Aave should launch on Boba in the long run, however that is many months and possibly years away. We decided the opportunity cost of investing resources into expanding on Boba would be better spent deploying on other more developed chains.
Here’s the full snapshot proposal: https://snapshot.org/#/aave.eth/proposal/0x4935a765c01f8e8f015871cb32efbac958706585e963a568028910897ffd293e
Proposal 2: Launch Aave V3 on Fantom: Similar situation as Boba. Overall speaking, Fantom has a project called Geist which is mostly an Aave fork that is currently the largest money market on the network. .TVL is skyrocketing as a Curve style project by @andrecronjetech (twitter) is set to launch soon. Although Aave most likely won’t be live by then, I’m sure they’ll be involved just due to the pure TVL they’ll attract. Downsides include once again, opportunity cost of developing on a specific chain as well as the negative TVL effects on Geist this most likely will bring (Much like how Benqi was first on Avalanche, and once Aave came, they also usurped much of that liquidity over)
Our decision: Yes: TVL on $FTM recently surpassed that of Avalanche and is now only behind BSC and Terra. By expanding to Fantom, Aave can gain exposure to $FTM, and possibly take part in the new Ve(3,3) wars that have disrupted the entire Defi landscape these past few days.
Here’s the full snapshot proposal: https://snapshot.org/#/aave.eth/proposal/0xc8e76e1c06390ae18d5d7615c1d868adeb5194f65f78db1b6209ae144c64ad29
Proposal 3: Approve bounty of xSushi’s incident: Long story short, this snapshot written up by an Aave community dev explains how after Cream finance was exploited, two independent community members came forth and helped Aave fix code that could have resulted in a similar exploit with borrowing and lending xSushi. As a reward for their efforts, a proposed $50k each is on the table. Funding would come from the Aave Grants DAO, which has paid out over $1.5 in sponsored events and grants to date.
Our decision: Yes; a resounding yes. White cap “hackers” and those who voluntarily take it upon themselves to help out the security of different protocols are unsung heroes. To reward them for their selfless efforts, we are in full support of this bounty.
Here’s a full write up of the exploit: https://governance.aave.com/t/analysis-of-xsushis-incident/6335
Here’s the full snapshot proposal: https://snapshot.org/#/aave.eth/proposal/0xc8e76e1c06390ae18d5d7615c1d868adeb5194f65f78db1b6209ae144c64ad29
Proposal 4: Adding SEPA Bank as a Whitelister to Aave ARC: SEPA provides an easy to use bridge between digital and traditional assets. With the release of Aave Arc, this represents an opportunity for SEPA Bank investors to access Defi yields compliant with regulations.
Our decision: Yes: A no brainer here. This would onboard billions of dollars into Defi and would ease millions into the Web 3.0 space.
Here’s the full snapshot proposal: https://snapshot.org/#/aave.eth/proposal/QmNfumVDA2GkmyA3xWC12HhDFGBUybSAHUpvygqkMnV34V
@Pennblockchain does governance for a variety of projects including @compoundfinance, @indexcoop, @uniswap, etc. We’re always open to new collaborations, and our email (Pennblockchain@gmail.com) is always open.
Thanks for your time — Juanbug.
