[TEMP CHECK] Freeze MAI from Aave

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The Aave community discussed the potential removal of MAI from Aave V3 due to centralisation risks, with a proposed freeze and offboarding across multiple platforms potentially leading to a $7.1 million debt ceiling loss. The conversation also focused on changes to QiDao's governance structure to mitigate these risks, including a 6/10 multisig intervention system and a shift towards a model similar to Aave Guardians.

The discussion began with IncentiveLord proposing the removal of MAI from Aave V3 Optimism and Arbitrum due to centralisation risks, which could potentially lead to a loss of up to $3.1 million for the DAO1. MarcZeller suggested that the proposal should be a TEMP CHECK for offboarding and questioned whether the proposal was targeting MAI in general or only on specific platforms2. IncentiveLord confirmed the proposal was for a freeze followed by offboarding and agreed to include Polygon in the proposal3. The updated proposal highlighted a potential combined debt ceiling loss of $7.1 million across Optimism, Arbitrum, Avalanche, and Polygon4.

Benjamin918 acknowledged the concerns raised about QiDao's ownership of contracts by a multisig of a few internal members and suggested a proposal to address these issues. He suggested that QiDao should consider moving to a system similar to Aave Guardians, which would require a proper governance process5. ChainSentinel expressed concerns about the implementation of QiStablecoin on Polygon, which is the same token listed as MAI on Aave's polygon deployment7.

Tuanyuan2008 provided a detailed summary of the proposed changes to QiDao's governance structure, which would involve a 6/10 multisig with the power to intervene during times of crisis. The proposed changes aim to prevent QiDao members from being able to manipulate the supply and distribution of MAI8. Benjamin918 reported that MAI has a healthy usage on the chains where it has been onboarded, with a utilization of 42% on Polygon, which is higher than most borrowable assets on the same platform9.

In conclusion, the discussion revolved around the centralisation risks associated with MAI and the proposed changes to QiDao's governance structure to mitigate these risks. The community seems to be in favor of these changes, with the aim of ensuring the stability and security of the Aave ecosystem.

Posted 7 months ago

Last reply 6 months ago

Summary updated 2 months ago

Last updated 09/12 13:52