IIP-124 - Delegate Aave to EOA Address for Cross DAO Polygon Aave Market Changes

Governance Proposal
1

iip: 124
title: Index Coop - Delegate Aave to EOA Address
status: Proposed
author: @Matthew_Graham @oneski22
created: 16-01-2021

Simple Summary

This IIP requests authorization for Index Coop to delegate all of IndexCoop’s AAVE voting rights to an External Owned Account (EOA). This is intended to be for the sole purpose of submitting an AIP and for voting said AIP. This AIP will list several new assets as collateral on the Aave Polygon Market, including DPI. Additionally it will change several risk parameters, namely MATIC, enabling us to safely launch MATIC2x-FLI.

Abstract

All Aave voting rights are to be delegated to the following address:

0xC3c2e1Cf099Bc6e1fA94ce358562BCbD5cc59FE5

By delegating to an EOA address, coderdan.eth, an engineer with Aavegotchi who has worked on this AIP, will be able to submit an Aave DAO, IndexCoop and Aavegotchi reviewed AIP. The submission must be performed from an EOA address and can not be performed from a multisig address. IndexCoop engineering will review the AIP an additional time prior to delegation and submission.

Upon voting the delegation power will revert back to its current configuration which is the standard multi-sig wallet for all IndexCoop assets.

Motivation

Even more important than the ability to vote, is the ability to put forward proposals. Proposals can only be put forward by an EOA address. Thus the need for the IndexCoop’s Aave holding proposal power to be delegated to an EOA address.

In order to submit an AIP, a minimum number of votes is needed to meet the proposal power requirement for creating and sustaining a proposal. To propose on Aave, we need 80,000 votes to meet the proposal power requirement.

As of block 14020108 (Jan-17-2022 01:30:28 AM UTC), IndexCoop holds roughly 105,000 AAVE votes.

Specification

IndexCoop multi-sig wallet delegates the Aave voting power to an ethereum address: 0xC3c2e1Cf099Bc6e1fA94ce358562BCbD5cc59FE5 which is then to be used for submitting the AIP proposal enabling a number of changes to the Aave Polygon Market including adding DPI, and adjusting the MATC risk parameter change to enable MATC2x-FLI to be launched.

Vote

FOR

  • Delegate Aave voting power from the IndexCoop Multisig address to 0xC3c2e1Cf099Bc6e1fA94ce358562BCbD5cc59FE5.

AGAINST

  • Do not delegate Aave voting power from the IndexCoop Multisig address to 0xC3c2e1Cf099Bc6e1fA94ce358562BCbD5cc59FE5.

Copyright

Copyright and related rights waived via CC0.

8 Likes
2

Wanted to highlight a few changes to this from earlier proposals such as IIP-82 and IIP-68:

  1. The submitting EOA will not be IndexCoop controlled.
  2. The AIP is being proposed by a consortium of DAOs including Aave DAO, Aavegotchi, and IndexCoop.

The authors are requesting that this be put to a vote as expeditiously as possible due to the complexity of coordinating with multiple DAO partners.

Although not being submitted fully using the process in the yet-to-be-passed IIP-80, the authors have received assurances that the IndexCoop Treasury will receive 2 ETH for lending its proposal power.

1 Like
3

I support this proposal, great opportunity to get DPI on Aave Polygon as well as lay the groundwork for MATIC2xFLI.

Delegation to the EOA is revoked directly after the vote.

We did the same for DPI on Aave, FEI on Aave, and the upcoming DPI borrowing/lending on Aave - so this is becoming a pretty standard practice at this point. We will almost certainly utilize this process again in the future.

Side note - would love to see a DPI Aavegotchi in the future (which is technically outside of the scope of this proposal, and I’m speculating that it could ever happen, but having DPI on Aave Polygon is the first step)

4 Likes
4

I am FOR this proposal. Good opportunity for Index Coop to demonstrate the power of metagovernance in dao to dao collaboration.

4 Likes
5

FOR this proposal - collaboration and integration with Aave have been critical to Index Coop recent success.

Anything we can do to make the process even smoother is a massive win.

2 Likes
6

Hey @oneski22 & @Matthew_Graham. Thanks for your work on this.

Can you give me an estimate of when the risk parameter update for MATIC on the Polygon market will be implemented? Tentatively we are planning for a MATIC FLI launch in first week of February.

7

We would love to expedite this, and take to vote ASAP.

@afromac once voted, and Engineering delegates it will take roughly a week to pass through the Aave Governance process.

1 Like
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Great, thanks for the response.

9

In light of time constraints the Index Coop Council has voted unanimously to waive the waiting period for this proposal. This may be queued for voting as soon as practical.

cc: @Matthew_Graham @Pepperoni_Joe @Cavalier_Eth @jdcook @Cavalier_Eth @LemonadeAlpha

6 Likes
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An IIP number (124) has been assigned, and this proposal is now live on snapshot following the Index Council Waiver of the 48 hour waiting period.
Snapshot here

cc: @oneski22 @Matthew_Graham @mel.eth

2 Likes
11

Hi @Matthew_Graham who are the signers on this multsig needed to execute? With the snapshot vote already well in the clear, it would be helpful to get further clarity on remaining steps to getting MATIC2x launched :muscle:

1 Like
12

tagging @ncitron who would know on this one

13

The delegation transaction will need to come from the treasury multisig. We’ve just begun prepping for execution, and hope to have it complete shortly after the proposal passes.

2 Likes
14

Confirming that this IIP has passed with 261K INDEX ( 100%) voting FOR. :white_check_mark:
Snapshot here