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The Aave DAO community has agreed to migrate funds from Aave v2 Avalanche to Aave v3 Avalanche, leveraging higher deposit rates and wAVAX incentives, with a modification to address v2 liquidity issues. The proposal, which includes bundling transactions to claim wAVAX LM rewards, has passed a Snapshot vote and is now being prepared for implementation by the Aave Guardians.
The discussion revolved around a proposal by TokenLogic to redeem all Aave DAO funds on Aave v2 Avalanche and deposit them into Aave v3 Avalanche. The aim was to leverage the higher deposit rates on v3 and the wAVAX incentives being distributed across v3. A migration tool developed by Bgdlabs was suggested for the transfer of funds. However, Craiglr.eth highlighted a liquidity issue in v2, which would prevent the full withdrawal of USDC and DAI reserves. As a result, a modification was proposed to fully migrate USDT, AVAX, WBTC, and WETH instead.
TokenLogic accepted this modification and pledged to work with Chaos Labs to ensure all risks are properly managed. Oneski22 proposed bundling transactions to claim wAVAX LM rewards, which was also incorporated into the proposal. The proposal was put to a Snapshot vote and passed. The payload is now being prepared for submission to the Aave Guardians for implementation 1,2,3,4,5,6.
In conclusion, the community has agreed to a plan to migrate Aave DAO funds from Aave v2 Avalanche to Aave v3 Avalanche, with modifications to address liquidity issues and to include the claiming of wAVAX LM rewards. The successful Snapshot vote indicates broad community support for the plan, which is now being prepared for implementation.
Posted 4 months ago
Last reply 3 months ago
Summary updated 2 months ago
Last updated 08/12 04:39