Aave governance will migrate 1600 ETH to wstETH and rETH : Aave’s community governance has decided to convert 1,600 ETH, or around $3 million, into wsETH and rETH held in the Ethereum Collector Contract in an effort to use up idle ether.
Aave governance will migrate 1600 ETH to wstETH and rETH
The Aave DAO now has 104 raw ETH in the Ethereum Collector Contract and 1,786 awETH in Aave v2, which yields 1.69%.
The proposal asked to move 800 ETH into Rocket Pool’s rETH along with another 800 ETH into Lido’s stETH and then wrap it to get 800 rstETH in order to make better use of the ETH now sitting in the protocol.
“This AIP converts all the unproductive ETH balance, along with aWETH (v2 and v3) into the same amounts of wstETH and rETH,” the proposal stated.
17 addresses in all cast votes, all of which were in favour. The majority of those votes came from two particular addresses. One was aavechan, a platform for delegates established by Marc Zeller, the creator of Aave.
Votes are frequently assigned to decision-makers in DAOs. These delegations indicate a larger group of DAO participants who share or concur with a delegate’s viewpoint.
The proposal was the second in a series that was intended to install the Ethereum Collector Contract, which members of the Aave community governance wished to do in order to generate income on the community’s cash reserves.
Earlier in May, a preliminary plan to combine collector contract assets was approved by all voters.
The purchase of Balancer Boosted Aave USD (BB-A-USD) through Cowswap, followed by a 50/50 deposit between Balancer and Aura Finance, is the subject of the third and final proposal.
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