Reading time saved: 1 minutes
5 replies, 847 views, 8 likes
TokenLogic proposed transferring BAL, CRV, and USDC assets from the Polygon Treasury to the Ethereum Treasury to replenish stable coin reserves depleted by Aave DAO activities. The proposal, which raised concerns about the focus on Polygon, was put to a vote and progressed to AIP, with outcomes and potential development of a contract for moving funds between Avalanche and Ethereum still pending.
The discussion revolved around the proposal by TokenLogic to transfer BAL, CRV, and USDC assets from the Polygon Treasury to the Ethereum Treasury, in response to the recent activities of the Aave DAO. These activities, including the establishment of the GHO Liquidity Committee, an AURA tokenswap with Olympus, and a potential tokenswap with Aura Finance, have consumed a significant amount of stable coins. To replenish these reserves, a transfer of 1.5M DAI from Polygon to Ethereum was suggested, facilitated by the Aave Polygon-Mainnet ERC20Bridge by Llama1.
However, Jengajojo raised concerns about the decision to solely reduce the balance on Polygon to replenish mainnet funds. They suggested that the community should understand why this is considered optimal over reducing the balance equally from Polygon and Avalanche or other chains2. In response, TokenLogic clarified that the bridging contract developed by Llama is specifically for transferring funds from Polygon to Ethereum, and a separate contract would need to be developed for transferring funds from other networks to Ethereum3.
The proposal by TokenLogic was put to a vote, with the voting period starting on October 11, 2023, at 4:51 PM and ending on October 14, 2023, at 4:51 PM. Following the vote, the proposal was progressed to AIP, with the voting period for this proposal starting on 24th October 2023 at 17:56 UTC +01:00 and ending on 27th October 2023 at 09:56 UTC +01:004,5. The outcome of these votes and the potential development of a contract for moving funds between Avalanche and Ethereum are yet to be discussed.
Posted 2 months ago
Last reply a month ago
Summary updated a month ago
Last updated 04/12 00:18