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TokenLogic proposed acquiring GHO to fund Aave DAO's short-term needs, transitioning expenses to be nominated in GHO, and converting 1.6M of stable coins to GHO. Despite some questions, the proposal received support and a Snapshot vote was created, with plans to submit a proposal to BGD for review, involving a swap of certain assets for GHO.
The discussion primarily revolved around a proposal by TokenLogic to acquire GHO from secondary markets to support Aave DAO's short-term funding needs1. The plan includes transitioning Aave DAO's expenses towards being nominated in GHO, with a total spend identified over the next 6 months being 1.676M GHO, or 1.976M GHO if AAVE is replaced with GHO within AGD proposal. The proposal also suggests converting 1.6M of stable coins held in the Ethereum Treasury to GHO1.
Several community members, including 0xkeyrock.eth and Jengajojo, expressed support for the swap to enable GHO funding 2,7. However, PaperImperium raised a question about why GHO isn't made redeemable for stablecoins instead of buying GHO, to which TokenLogic responded that the GHO GSM is currently undergoing audit and the proposed solution is a practical one that can be implemented now5.
In the later stages of the discussion, TokenLogic announced the creation of a Snapshot vote for the proposal and mentioned that they will be submitting the payload for a proposal to BGD for review 8,9,10. The payload details were not provided, but it was mentioned that certain assets are to be swapped for GHO, including all BUSD (495,281.29), all TUSD (266,254.90), all aDAI (109,348.85), 370,000 aUSDt v2, and 370,000 aEthDAI v3. The total value of these assets was 1,610,885.04 at the time of writing 9,10. The AIP will be submitted shortly10.
Posted 3 months ago
Last reply 2 months ago
Summary updated 2 months ago
Last updated 05/12 01:13