Compared to last week, it has been a slower week in governance, but here are some of the more noteworthy threads I recommend you follow:
Aura’s Gnosis Chain Deployment
Aura has received a proposal to deploy their protocol on Gnosis Chain. Although not a groundbreaking proposal – protocols launch on new chains all the time – this one has interested me mainly because I am unsure what is going on on Gnosis Chain. Gnosis has a huge treasury; their Safe sub-DAO dominates the multisig market. I am seeing an increase in protocols launching there, and their stack seemed promising the last time I looked. Yet Gnosis appears to fly under the radar in favor of L2s like OP, ARB, and now Base. This proposal has piqued my interest to go digging into Gnosis Chain further.
Aave has received a proposal from TokenLogic ( prev. Llama) on splitting its veBAL vote on Balancer pools to support the upcoming GHO launch. Thanks to a past token swap, Aave has 157K veBAL to use in Balancer gauge votes. Additionally, this proposal seeks to coordinate Aave’s veBAL vote with an additional 510K veBAL from ‘Friend of Aave DAO.’ Combining Aave’s veBAL and the veBAL from the ‘Friends of Aave DAO’ would give Aave around 7.7% of all outstanding veBALs to vote for pools. The proposal recommends that veBAL split the vote for the following GHO pools:
- 40% used to vote on the GHO/bb-a-USD V3 pool
- 40% used to vote on the GHO/LUSD pool
- 20% used to vote on the 80/20 wstETH/GHO pool
I have been looking forward to the GHO launch for a long time. It is a smart move by Aave and extends their protocol to a whole new market – stablecoins. Liquidity for GHO was a big unknown, however. Other stablecoins, like DAI and FRAX, have dominated Curve and other important DEXs through gauge bribes and incentives to the point where GHO would be hard-pressed to compete. Aave leveraging Balancer is a clever move that could benefit both Aave and Balancer.
Hop Protocol, a popular bridge, has received a proposal to integrate Base into its protocol. Base is Coinbases Ethereum L2 based on Optimisms stack. The proposal asks that Hop consider onboarding Base when it launches in early August by supporting ETH, USDC, and HOP bridging. Additionally, the proposal also requests that Hop incentivize these pools with:
- 34,680 HOP per month on the ETH AMM on Base.
- 24,140 HOP per month on the USDC AMM on Base.
As Base’s tech stack is similar to Optimism, the proposal states that integrating Base should be simple.
Although not a particularly large proposal regarding the incentives, I recommend following proposals related to Base, as there seems to be a significant amount of chatter and excitement around it. Base will probably have early opportunities for liquidity mining from new and migrating protocols that seek to dominate the ecosystem. Following these proposals can give people an edge when exploring the latest eco – for example, Balancer is maneuvering to have incentives immediately when Base launches.