Aave DAO Secures 5 Million CRV Tokens With 57.81% Community Support

Key Points:

  • Aave DAO community passes “aCRV over-the-counter transaction” proposal with a 57.81% support rate.
  • Proposal suggests acquiring 5 million CRV tokens using 2 million USDT to support DeFi ecosystem and benefit GHO secondary liquidity.
On August 11, the Aave community passed an on-chain vote for the “aCRV over-the-counter transaction” proposal, with 57.81% of the votes in favor. The proposal suggested acquiring 5 million aCRV tokens using 2 million USDT from the Aave DAO vault.
Aave DAO Secures 5 Million CRV Tokens With 57.81% Community Support

The purpose of the acquisition is to support the DeFi ecosystem and position Aave DAO strategically in the Curve wars, benefiting GHO secondary liquidity. The acquisition is expected to be implemented within one day.

The motivation behind the proposal was recent events related to the 0x7a16ff8270133f063aab6c9977183d9e72835428 position on Aave V2. The proposal suggests that the acquired CRV tokens can be mobilized to incentivize GHO liquidity and support a GHO-specific Gauge.

The proposal received a support rate of 57.81%, indicating a significant level of community support for the acquisition. The treasury balance and predicted lower costs for service providers for the 2023-2024 budget would allow this strategic acquisition while maintaining a conservative stance with DAO treasury holdings.

The proposal suggests using 2M aUSDT from the Aave DAO treasury to acquire 5M aCRV tokens from 0x7a16ff8270133f063aab6c9977183d9e72835428.

In terms of implementation, this AIP initiates a transferFrom() on the aCRV token contract to the Aave Collector, leveraging a previous approval() from 0x7a16ff8270133f063aab6c9977183d9e72835428 of 5M aCRV tokens to the Aave DAO treasury (collector contract). Then, 2M aUSDT are withdrawn from the collector contract and mobilized to repay part of 0x7a16ff8270133f063aab6c9977183d9e72835428 USDT debt. In case of lack of approval on aCRV tokens, the proposal will fail.

Wrote in the proposal

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