Aave's community governance converts $3 million worth of ETH into wsETH and rETH to utilize idle funds.
Aave DAO now holds 104 ETH in the Ethereum Collector Contract and 1,786 awETH in Aave v2, earning a yield of 1.69%.
The proposal aims to move 800 ETH into Rocket Pool's rETH and another 800 ETH into Lido's stETH, creating 800 rstETH for better utilization
All 17 voting addresses supported the proposal, with notable votes from aavechan, a platform for delegates created by Aave's creator, Marc Zeller.
Delegations of votes indicate a larger group of participants in the DAO who share the delegate's viewpoint
The proposal is part of a series to establish the Ethereum Collector Contract for generating income on the community's reserves.
In a previous vote, all participants approved a plan to combine assets in the collector contract.
The next proposal aims to purchase Balancer Boosted Aave USD (BB-A-USD) through Cowswap and deposit it between Balancer and Aura Finance
The conversion of ETH into wsETH and rETH will help make better use of the funds currently held in the Aave protocol
Aave's community governance is actively seeking ways to optimize and generate income from the community's resources.