347-treasury-management-gho-acquisition.md

Proposal 347. Treasury Management - GHO acquisition

Voting link

https://app.aave.com/governance/proposal/?proposalId=347

Governance forum discussion

https://governance.aave.com/t/arfc-treasury-management-gho-funding/14887/10

BGD analysis

Proposal types

🏦 treasury

Context

This proposal seeks to acquire approximately 1'600'000 GHO, by swapping partial Aave Collector's holdings of DAI, USDT, TUSD and BUSD.

Proposal creation

Transaction: https://etherscan.io/tx/0xb1fde7c824c81b9e09e2bad17c4b1608ec0c1f7b13c969ef60a1dad768373992

- id: 347
- creator: 0x329c54289ff5d6b7b7dae13592c6b1eda1543ed4
- executor: 0xee56e2b3d491590b5b31738cc34d5232f378a8d5
- targets: [0x121fe3fc3f617ace9730203d2e27177131c4315e]
- values: [0]
- signatures: [execute()]
- calldatas: [0x]
- withDelegatecalls: [true]
- startBlock: 18377283
- endBlock: 18396483
- strategy: 0xb7e383ef9b1e9189fc0f71fb30af8aa14377429e
- ipfsHash: 0xe72061751d8a7381ccc67e9946e8acffa3f63dfa54b5f66ef58a29444cfa9b95

Aave Seatbelt report

Ethereum

https://github.com/bgd-labs/seatbelt-for-ghosts/blob/main/reports/Aave/0xEC568fffba86c094cf06b22134B23074DFE2252c/347.md

Technical analysis

We have verified the proposal payload does the following:

1. For those assets held in aToken on the Collector, it redeems them first.
2. Afterwards, they are transferred to the AaveSwapper smart contract, used previously in multiple proposals, integrated with CowSwap and Milkman.
3. Creates one buy order of GHO per sold asset, by calling swap() on the AaveSwapper.

The proposal is consistent with the description on both Snapshot and the governance forum.

BGD validations

✅ The code on the proposal payload corresponds to the proposal specification.

✅ The proposal includes a proper tests suite, checking all necessary post-conditions.

✅ BGD reviewed the payload before the proposal was submitted.

✅ Only one payload used via delegatecall

✅ BGD reviewed the procedure followed to submit the proposal.