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The discussion primarily focused on a proposal by Llamaxyz to increase the wstETH Supply Cap on Aave Optimism v3 from 12,000 units to 21,000 units, given the current utilisation of wstETH is at 91.75%1. This proposal was backed by ChaosLabs, who found minimal potential losses for the protocol after conducting stress tests2. However, Gauntlet suggested a more conservative cap increase to 18,000 units due to potential market risk concerns3. The proposal has been put forward to Snapshot for community voting, with options for the proposed values by Llamaxyz and Gauntlet4. MarcZeller confirmed that the proposal has full support from ACI and community consensus5.
MarcZeller raised concerns about governance bloating due to excessive low governance-value AIPs votes and called for the risk steward to enforce changes. He also asked Llamaxyz to consider removing the snapshot vote and project to publish an AIP5. In response, Llamaxyz stated that the Risk Stewards could implement an 18,000 units wstETH Supply Cap on Arbitrum and that they are coordinating with Risk Service providers for this. They also mentioned that the supply cap could be revised based on the result of the Snapshot vote6.
MarcZeller suggested that in case of different recommendations by risk service providers, Aave DAO should go with the most conservative option. He also mentioned that the risk steward can modify caps every 5 days, making this scenario more efficient for the Aave DAO. He proposed that the supply cap should be increased from 12,000 units to 18,000 units7. Llamaxyz agreed that Risk Stewards can implement the 18,000 units now. However, if there is a need to increase the cap beyond 18,000 units, a Snapshot is required. After the Snapshot is complete, they can assess if the Risk Stewards will implement the change. The Snapshot will finish in around 4 days8.
In conclusion, the discussion centered around the increase of the wstETH Supply Cap on Aave Optimism v3, with the community voting on the proposed values. The final decision will be based on the Snapshot vote results and the recommendations of the Risk Stewards.
Posted 7 months ago
Last reply 5 months ago
Summary updated 2 months ago
Last updated 08/12 04:39