- Currently, that’s $3 million from the protocol coffers
- The fate of the funds will be known on June 7, when voting is completed
Aave token holders will vote on the new DAO proposal. We are talking about converting 1,600 ETH from the protocol treasury into “wrapped ethers”. At current exchange rates, that’s $3 million. They are proposed to be converted into Lido Finance (wstETH) and RocketPool (rETH) derivatives.
The proposal was created on July 3 and voting will continue until July 7.
“Aave DAO currently owns 1,786.51 awETH (v2) and 104,548 ETH in Collector Contractor. The awETH deposit yield in Aave v2 is 1.69% compared to 3.8% for wstETH and 3.13% for rETH. This AIP converts the entire unproductive ETH balance along with aWETH (v2 and v3) into the same amount of wstETH and rETH”
In the meantime, the Aave price on June 16 rose nearly 60%. Moreover, 32% of this growth was in the last week.
The Ethereum coin, supplied by liquidity providers, is one of the most popular assets in the Aave credit protocol. Airtime accounts for 32.2% of the total blocked value (TVL). TVL AAVE V3 hit a five-month high of $831.82 million the other day.
We learned yesterday that Lido Finance has staked all ETH from its coffers. And this despite Vitalik Buterin’s controversial statement. Recall that the creator of Ethereum considers steaking risky because of the vulnerability of smart contracts. That’s why Buterin sends small amounts to steaking.