IIP-34: Index Coop - Aave Delegation Address

iip: 34

title: Index Coop - Aave Delegation Address

status: Proposed

author: Matthew (@Matthew_Graham) Noah (@ncitron) Cedric (@cedrick) Greg (@gregdocter)

created: 2021-04- 21

Multi-Sig Aave Delegate Address: 0x456D9560534630AD2dCDB90ebe74ca63DE210d65

Simple Summary

This IIP requests authorization for Index Coop to create a multisig address to which all of DPI’s Aave voting rights are delegated. This is intended to be for the sole purpose of proposing and voting on listing DPI as a collateral asset (ARC: Add support for DeFi Pulse Index (DPI))


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

This address is a multisig address controlled by three individuals from the Index Coop community. 2 of 3 approvals will be needed to cast a vote and the following three individuals are being put forth:

  1. Matthew Graham (@Matthew_Graham)
  2. Cedrick (@cedrick)
  3. Noah Citron (@ncitron)

This is the rise of Index Coop as an Aave Politician. Anybody who holds AAVE or stkAAVE can delegate their voting rights to the address above. This can be done via Sybil, link here.

Index Coop supports DPI’s voting on Aave via the following steps:

  1. A governance vote is called for Aave on Snapshot.
  2. The proposal is duplicated on Index Coop’s snapshot page here. 2
  3. The meta governance voting period will end 24 hours before the underlying governance vote ends.
  4. $INDEX holders vote on the meta governance proposal on Index Coop’s snapshot page above.
  5. At the end of the voting period if a 5% quorum is reached, the multisig address will vote according to the related snapshot proposal majority


Even more important than the ability to vote, is the ability to put forward proposals on Aave. This will become increasingly important as we look to onboard new products to Aave’s platform. Details on the AIP process can be found here.

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 have DPI listed on Aave, we need 80,000 votes, link here to meet the proposal power requirement.

With a pipeline of products coming to market, the ability to put forward ARCs & AIPs proposals on Aave’s governance forum will become important for accelerating product integration across the ecosystem.

As of April 20, the DPI holds $24M worth of Aave or 65,639.52 votes.


  • Delegate Aave voting power from the DPI address to 0x456D9560534630AD2dCDB90ebe74ca63DE210d65 for metagovernance vote execution


  • Do not delegate Aave voting power from the DPI address to 0x456D9560534630AD2dCDB90ebe74ca63DE210d65 for metagovernance vote execution


Copyright and related rights waived via CC0.


Will we be a verified address? That’ll make us the biggest delegate by some margin.

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Great work all!

I am glad to see this move forward - this is the single biggest blocker keeping us from being listed on AAVE.

This is also an important step forward for our Meta-Governance efforts. Index Coop has a powerful platform for driving support and adoption of our products. We need to be aware and actively engaging with the strategic potential of this voting power.

A few questions:

  • How long will this last? - I think we need clear start and end dates to instill confidence in those delegating votes.

  • Is it possible to submit $MVI in the same proposal or during the same window? This seems like an easy way to kill two birds with one stone

Getting this passed and set-up is a huge win for us. Alongside this - we need to build on this level of innovative thought and actively examine where else we can use this considerable voting power to help expand the market share of our products.

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The intent here it to setup the delegation address in order to reach the proposal vote threshold required to move from an ARC to an AIP as part of Aave governance process.

After we get DPI listed we intend to revisit this delegation arrangement and determine if we want to keep it or change it. A clear finish date - Upon DPI being listed on Aave. Think of this as a 1 time application and then we revisit this arrangement.

Regarding other products - completely agree with the sentiment, but just now we are focusing on DPI. I’m sure MVI will come in time and we can look into this.


Decidedly FOR. This should move forward quickly, especially with the end-date concept. Great work!


Since it is a multisig, it cannot be verified on sybil.org since the verification process requires signing a message, which a multisig cannot do. It will still show up under the “all” section of Sybil delegates, and we should be the second largest delegate listed there.


Hello @Matthew_Graham , I don’t know well the meta-governance process and I am a little bit confused here.

Why do we need a delegation address for this vote? what is the difference with previous Aave governance votes (like the Aave-16 for example)?

This is for us to propose adding DPI market on Aave though an Aave Improvement Proposal (AIP)

So an AIP require a specific kind of voting which cannot be done through meta-governance the same way other Aave proposals are voted, am I correct?

Hi trx314,

In order to submit an AIP on Aave the proposer must reach a minimum vote threshold. Index Coop via its DPI holding alone, does not have the votes needed to put forward an AIP. We must therefore join forces with other Aave holders and combine our voting power. The way we achieve this is to create an address that anyone can delegate votes too. Once we have 80,000 votes we will present an AIP to have DPI listed as collateral.

Got it thanks!
I did not understand the first time that this was a threshold to be able to even propose the improvement… Clear now.

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