{"title":"Approval of BGD contribution to Aave","status":"Proposed","author":"BGD Labs (@bgdlabs)","shortDescription":"Mandate to approve the BGD Labs onboarding on Aave","discussions":"https://governance.aave.com/t/aave-bored-ghosts-developing-bgd/7527","created":"2022-05-02T00:00:00.000Z","preview":"## Summary\n\nThis proposal acts as a mandate from the Aave community …","basename":"08C1D37498C4-AIP-AAVE-BGD","description":"\n\n\n## Summary\n\nThis proposal acts as a mandate from the Aave community to engage with BGD Labs for the technical work defined on the Aave governance forum [here](https://governance.aave.com/t/aave-bored-ghosts-developing-bgd/7527) and already pre-approved by the Aave community via Snapshot [here](https://snapshot.org/#/aave.eth/proposal/0x10e6378f193ec4a2953b3ca73b86947586676250191346a90ed4c83593f14883).\n\nAs a result of this proposal, the proposed budget will be approved to a BGD-controlled address: 40% of the total transferred upfront, and the rest only defined as a claimable stream during the following 15 months.\nIn order to enable this mandate, this proposal also includes what can be considered as the first development on the list of tasks proposed: the update of the ecosystem's reserve of Aave v2 Ethereum to enable stream of funds, to be used now by BGD, but also by anybody else in the future.\n\n## Motivation\n\nA full rationale of the proposal can be found on the Aave governance forum post [here](https://governance.aave.com/t/aave-bored-ghosts-developing-bgd/7527), but the main motivation is the onboarding of another technical provider to the decentralized Aave ecosystem.\n\n## Specification\n\nA full specification of the contracts update enabling this mandate can be found on the BGD Labs github [here](https://github.com/bgd-labs/aave-ecosystem-reserve-v2/tree/release/final-proposal), together will all the security procedures applied, and the implementation of the governance payload.\nIn summary, the proposal:\n- Updates the Aave v2 Ethereum ecosystem reserve and the AAVE ecosystem reserve with a common implementation contract, with streaming capabilities.\n- Sets as fundsAdmin of those ecosystem reserves a new AaveEcosystemReserveController contract, controlled directly by the Aave governance and the only entity able to transfer and approve funds, create streams, and cancel streams.\n- Releases the 40% of the budget defined upfront: 1'200'000 USDC, 1'000'000 USDT, 1'000'000 DAI and 8'400 AAVE.\n- Creates 15-months duration streams: 4'800'000 USDC and 12'600 AAVE.\n\n## Security\nAs mandatory with any change on a running Aave smart contract, extensive security procedures have been applied to the proposal payload and the changes included. A full security report can be found [here](https://github.com/bgd-labs/aave-ecosystem-reserve-v2/tree/release/final-proposal#security), but as summary:\n- Full test coverage via units tests in the Forge environment.\n- Security review from Aave community members.\n- Minimal changes from the Sablier's v1 logic used as base for the streaming capabilities. The original codebase is audited and battle tested (running in production with meaningful funds for a long time).\n- Set of properties (formal verification) by Certora.\n- Slither analysis of the codebase.\n\n## Implementation\n\n- [AaveEcosystemReserveController](https://etherscan.io/address/0x3d569673daa0575c936c7c67c4e6aeda69cc630c#code)\n- [AaveEcosystemReserveV2](https://etherscan.io/address/0x1aa435ed226014407fa6b889e9d06c02b1a12af3#code)\n- [PayloadAaveBGD](https://etherscan.io/address/0x1e12071bd95341aa92fcba1513c714f9f49282a4#code)\n\n## Copyright\n\nCopyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/)."}