One of the most powerful use cases for the Ampleforth protocol is in the area of lending and borrowing and now the community has the ability to help Ample become a borrowable asset on the Aave lending platform.
We have created this guide to educate the community about the Aave governance process and how they can help Ample be added to Aave.
Voting Time Frame: The AMPL on AAVE proposal is scheduled to go on-chain for voting after April 6, 2021. The voting period will be four days.
History and Current Situation
In October 2020, the Ampleforth team posted a proposal to the Aave forum requesting that AMPL be added as a collateral asset and currency. If the proposal is adopted, this means that:
- AMPL holders would be able to deposit AMPL on AAVE for others to borrow
- AMPL could potentially be utilized as collateral to borrow other assets on the platform, including ETH and BTC.
The Ampleforth team collaborated with PeckShield to complete an audit of a special implementation of the AAVE “a” token. aAMPL tokens would properly track the amount of un-borrowed AMPL those lending on AAVE possess due to the rebase.
Securing Community Governance Approval for AMPL on AAVE: A Step-by-Step Overview
For AMPL to be approved for AAVE, the following steps must be completed:
- Step I – Proposal: A proposal about adding the AMPL to AAVE is posted to the AAVE forum for discussion – COMPLETE
- Step II – AIP Developed, Proposal Quorum Reached: Proposals are turned in to AIPs and scheduled for on-chain voting. In order for AIPs to be scheduled, .5% of proposal power (80,000 AAVE tokens) must be gathered for submission. AAVE or stkAAVE can be used for this purpose. – IN PROGRESS
- Step III – AIP Posted, Risk Assessment Developed and Voting: After an AIP becomes eligible for voting the AIP is published on-chain for approval. A risk assessment is included in the AIP, which will educate voters about the risk level associated with the asset. Once the AIP is approved then AMPL will be added to AAVE for lending/borrowing. – PENDING
How You Can Participate in the Governance Process: Comment, Delegate, Vote
The Ampleforth community can participate in the governance process by doing the following.
The AAVE community uses its governance forums to learn about the benefits of various assets. The community should visit the AAVE forum and provide answers to any comments or questions voters have about AMPL, especially how it will perform versus other assets because of the rebase.
Action Item: Comment on the AMPL proposal.
AAVE or stkAAVE Holders: Delegate
Quorum Requirement: In order for the AMPL proposal to move to the AIP stage (and on-chain voting) it must receive voting power, i.e., .5% of the total AAVE supply, or 80,000 AAVE.
Action Item: You can help the AMPL proposal reach the required quorum by delegating your AAVE or stkAAVE. To do this:
- Visit the AAVE delegation page
- Delegate your AAVE/stkAAVE to this address: 0x32a9d6A550C3D89284D5700F7d7758dBc6f0fB2C
Note: Please do not remove your delegated tokens until the vote is complete.
AAVE or stkAAVE Holders: Vote
The Ampleforth team has targeted Tuesday, April 6 as the date the AIP will be published on-chain for voting.
Once the proposal is live you can use AAVE or stkAAVE to vote. To pass, the proposal must receive more Yae than Nay votes.
IMPT: How Long is the Voting Period?: The AIP voting period will be four days.
During the voting period, you can add additional comments to the governance forum as they are posted by the community.
Note: Please do not remove tokens you have delegated for voting until the voting process is complete.
Next Steps: Ask Questions, Participate
If you have questions about how you can participate in the governance process, please:
- Leave a comment on this post
- Join the AmpleSense DAO Telegram channel and ask questions
- Post a question to this forum post
Otherwise, please follow the instructions above to participate in the governance process.Recommended7 recommendationsPublished in