Aave Funding Updates

src/20231102_Multi_AaveFundingUpdates/AaveFundingUpdates.md

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+---
+title: "Aave Funding Updates"
+author: "TokenLogic"
+discussions: "https://governance.aave.com/t/arfc-aave-funding-update/15194"
+---
+
+## Simple Summary
+
+This AIP aims to consolidate Aave DAO's stablecoin holdings. It is divided into different parts that are detailed below. Part one is depositing DAI into aEthDAI, part two is migrating aDAI and aUSDT into aEthDAI and aEthUSDT, part three bridges assets from Polygon to Mainnet and part four swaps some holdings into GHO.
+
+## Motivation
+
+This proposal intends to ensure the DAO is well capitalised. A separate DAO budget publication will be shared during Q4 2023.
+
+The DAO has sufficient USDC, DAI and USDT deposited across the various instances of Aave Protocol to support existing streams and the AURA purchase 3.
+
+However, with the emergence of new service provider proposal expected, the DAO needs to adjust its stable coin holdings. This publication supports transferring additional funds from Polygon to Mainnet and acquiring GHO on the market to ensure the DAO is well capitalised for the next 6 months. It also aims to move assets from the old V2 to the newer V3 aToken.
+
+## Specification
+
+- Deposit 1M units of DAI from Treasury into Aave v3
+- Migrate all aDAI from Aave v2 to v3
+
+- Redeem and transfer 1.7M USDC to Ethereum Treasury
+- Redeem and transfer 0.5M DAI to Ethereum Treasury
+- Redeem and transfer 0.75M USDT to Ethereum Treasury
+
+Swap the following asset holdings to GHO:
+
+- All available aTUSD that can be redeemed (57,373.85 units at time of writing)
+- 500k units of DAI held in Treasury (received from Polygon bridge)
+
+Swap the following asset holdings to USDC (there is no GHO / ETH oracle thus these tokens cannot be swapped to GHO directly):
+
+- All GUSD (18,464.03 units at time of writing)
+- All UST (893,257.63 units at time of writing)
+
+## References
+
+- Implementation: [AaveV2Ethereum](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20231102_Multi_AaveFundingUpdates/AaveV2Ethereum_AaveFundingUpdates_20231102.sol), [AaveV2Polygon](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20231102_Multi_AaveFundingUpdates/AaveV2Polygon_AaveFundingUpdates_20231102.sol), [AaveV3Ethereum](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20231102_Multi_AaveFundingUpdates/AaveV3Ethereum_AaveFundingUpdates_20231102.sol)
+- Tests: [AaveV2Ethereum](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20231102_Multi_AaveFundingUpdates/AaveV2Ethereum_AaveFundingUpdates_20231102.t.sol), [AaveV2Polygon](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20231102_Multi_AaveFundingUpdates/AaveV2Polygon_AaveFundingUpdates_20231102.t.sol), [AaveV3Ethereum](https://github.com/bgd-labs/aave-proposals-v3/blob/main/src/20231102_Multi_AaveFundingUpdates/AaveV3Ethereum_AaveFundingUpdates_20231102.t.sol)
+- [Snapshot](https://snapshot.org/#/aave.eth/proposal/0x099f88e1728760952be26fcb8fc99b26c29336e6a109820b391751b108399ee5)
+- [Discussion](https://governance.aave.com/t/arfc-aave-funding-update/15194)
+
+## Copyright
+
+Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).

src/20231102_Multi_AaveFundingUpdates/AaveFundingUpdates_20231102.s.sol

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+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {GovV3Helpers, IPayloadsControllerCore, PayloadsControllerUtils} from 'aave-helpers/GovV3Helpers.sol';
+import {EthereumScript, PolygonScript} from 'aave-helpers/ScriptUtils.sol';
+import {AaveV2Polygon_AaveFundingUpdates_20231102} from './AaveV2Polygon_AaveFundingUpdates_20231102.sol';
+import {AaveV3Ethereum_AaveFundingUpdates_20231102} from './AaveV3Ethereum_AaveFundingUpdates_20231102.sol';
+
+/**
+ * @dev Deploy Ethereum
+ * command: make deploy-ledger contract=src/20231102_Multi_AaveFundingUpdates/AaveFundingUpdates_20231102.s.sol:DeployEthereum chain=mainnet
+ */
+contract DeployEthereum is EthereumScript {
+  function run() external broadcast {
+    // deploy payloads
+    AaveV3Ethereum_AaveFundingUpdates_20231102 payload0 = new AaveV3Ethereum_AaveFundingUpdates_20231102();
+
+    // compose action
+    IPayloadsControllerCore.ExecutionAction[]
+      memory actions = new IPayloadsControllerCore.ExecutionAction[](1);
+    actions[0] = GovV3Helpers.buildAction(address(payload0));
+
+    // register action at payloadsController
+    GovV3Helpers.createPayload(actions);
+  }
+}
+
+/**
+ * @dev Deploy Polygon
+ * command: make deploy-ledger contract=src/20231102_Multi_AaveFundingUpdates/AaveFundingUpdates_20231102.s.sol:DeployPolygon chain=polygon
+ */
+contract DeployPolygon is PolygonScript {
+  function run() external broadcast {
+    // deploy payloads
+    AaveV2Polygon_AaveFundingUpdates_20231102 payload0 = new AaveV2Polygon_AaveFundingUpdates_20231102();
+
+    // compose action
+    IPayloadsControllerCore.ExecutionAction[]
+      memory actions = new IPayloadsControllerCore.ExecutionAction[](1);
+    actions[0] = GovV3Helpers.buildAction(address(payload0));
+
+    // register action at payloadsController
+    GovV3Helpers.createPayload(actions);
+  }
+}
+
+/**
+ * @dev Create Proposal
+ * command: make deploy-ledger contract=src/20231102_Multi_AaveFundingUpdates/AaveFundingUpdates_20231102.s.sol:CreateProposal chain=mainnet
+ */
+contract CreateProposal is EthereumScript {
+  function run() external {
+    // create payloads
+    PayloadsControllerUtils.Payload[] memory payloads = new PayloadsControllerUtils.Payload[](1);
+
+    // compose actions for validation
+    IPayloadsControllerCore.ExecutionAction[]
+      memory actionsEthereum = new IPayloadsControllerCore.ExecutionAction[](1);
+    actionsEthereum[0] = GovV3Helpers.buildAction(address(0));
+    payloads[0] = GovV3Helpers.buildMainnetPayload(vm, actionsEthereum);
+
+    IPayloadsControllerCore.ExecutionAction[]
+      memory actionsPolygon = new IPayloadsControllerCore.ExecutionAction[](1);
+    actionsPolygon[0] = GovV3Helpers.buildAction(address(0));
+    payloads[1] = GovV3Helpers.buildPolygonPayload(vm, actionsPolygon);
+
+    // create proposal
+    vm.startBroadcast();
+    GovV3Helpers.createProposal2_5(
+      payloads,
+      GovV3Helpers.ipfsHashFile(vm, 'src/20231102_Multi_AaveFundingUpdates/AaveFundingUpdates.md')
+    );
+  }
+}

src/20231102_Multi_AaveFundingUpdates/AaveV2Ethereum_AaveFundingUpdates_20231102.sol

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+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {IERC20} from 'solidity-utils/contracts/oz-common/interfaces/IERC20.sol';
+import {SafeERC20} from 'solidity-utils/contracts/oz-common/SafeERC20.sol';
+import {AaveV2EthereumArc} from 'aave-address-book/AaveV2EthereumArc.sol';
+import {AaveV3Ethereum, AaveV3EthereumAssets} from 'aave-address-book/AaveV3Ethereum.sol';
+import {MiscEthereum} from 'aave-address-book/MiscEthereum.sol';
+import {AaveSwapper} from 'aave-helpers/swaps/AaveSwapper.sol';
+import {IProposalGenericExecutor} from 'aave-helpers/interfaces/IProposalGenericExecutor.sol';
+
+/**
+ * @title Aave Funding Updates
+ * @author efecarranza.eth
+ * - Snapshot: https://snapshot.org/#/aave.eth/proposal/0x099f88e1728760952be26fcb8fc99b26c29336e6a109820b391751b108399ee5
+ * - Discussion: https://governance.aave.com/t/arfc-aave-funding-update/15194
+ */
+contract AaveV2Ethereum_AaveFundingUpdates_20231102 is IProposalGenericExecutor {
+  using SafeERC20 for IERC20;
+
+  AaveSwapper public constant SWAPPER = AaveSwapper(MiscEthereum.AAVE_SWAPPER);
+
+  address public constant MILKMAN = 0x11C76AD590ABDFFCD980afEC9ad951B160F02797;
+  address public constant PRICE_CHECKER = 0xe80a1C615F75AFF7Ed8F08c9F21f9d00982D666c;
+  address public constant ARC_USDC = 0xd35f648C3C7f17cd1Ba92e5eac991E3EfcD4566d;
+
+  function execute() external {
+    AaveV3Ethereum.COLLECTOR.transfer(
+      ARC_USDC,
+      address(this),
+      IERC20(ARC_USDC).balanceOf(address(AaveV3Ethereum.COLLECTOR))
+    );
+
+    AaveV2EthereumArc.POOL.withdraw(
+      AaveV3EthereumAssets.USDC_UNDERLYING,
+      type(uint256).max,
+      address(SWAPPER)
+    );
+
+    SWAPPER.swap(
+      MILKMAN,
+      PRICE_CHECKER,
+      AaveV3EthereumAssets.USDC_UNDERLYING,
+      AaveV3EthereumAssets.GHO_UNDERLYING,
+      AaveV3EthereumAssets.USDC_ORACLE,
+      AaveV3EthereumAssets.GHO_ORACLE,
+      address(AaveV3Ethereum.COLLECTOR),
+      IERC20(AaveV3EthereumAssets.USDC_UNDERLYING).balanceOf(address(SWAPPER)),
+      300
+    );
+  }
+}

src/20231102_Multi_AaveFundingUpdates/AaveV2Ethereum_AaveFundingUpdates_20231102.t.sol

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+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {GovHelpers} from 'aave-helpers/GovHelpers.sol';
+import {AaveGovernanceV2} from 'aave-address-book/AaveGovernanceV2.sol';
+import {IERC20} from 'solidity-utils/contracts/oz-common/interfaces/IERC20.sol';
+import {MiscEthereum} from 'aave-address-book/MiscEthereum.sol';
+import {AaveV2EthereumArc} from 'aave-address-book/AaveV2EthereumArc.sol';
+import {AaveV3Ethereum, AaveV3EthereumAssets} from 'aave-address-book/AaveV3Ethereum.sol';
+import {ProtocolV3TestBase, ReserveConfig} from 'aave-helpers/ProtocolV3TestBase.sol';
+
+import {AaveV2Ethereum_AaveFundingUpdates_20231102} from './AaveV2Ethereum_AaveFundingUpdates_20231102.sol';
+
+/**
+ * @dev Test for AaveV3Ethereum_AaveFundingUpdates_20231102
+ * command: make test-contract filter=AaveV2Ethereum_AaveFundingUpdates_20231102
+ */
+contract AaveV2Ethereum_AaveFundingUpdates_20231102_Test is ProtocolV3TestBase {
+  event SwapRequested(
+    address milkman,
+    address indexed fromToken,
+    address indexed toToken,
+    address fromOracle,
+    address toOracle,
+    uint256 amount,
+    address indexed recipient,
+    uint256 slippage
+  );
+
+  AaveV2Ethereum_AaveFundingUpdates_20231102 internal proposal;
+
+  function setUp() public {
+    vm.createSelectFork(vm.rpcUrl('mainnet'), 18486934);
+    proposal = new AaveV2Ethereum_AaveFundingUpdates_20231102();
+  }
+
+  function test_execute() public {
+    uint256 balanceArcUSDCBefore = IERC20(proposal.ARC_USDC()).balanceOf(
+      address(AaveV3Ethereum.COLLECTOR)
+    );
+
+    assertGt(balanceArcUSDCBefore, 0);
+
+    vm.expectEmit(true, true, false, false, MiscEthereum.AAVE_SWAPPER);
+    emit SwapRequested(
+      proposal.MILKMAN(),
+      AaveV3EthereumAssets.USDC_UNDERLYING,
+      AaveV3EthereumAssets.GHO_UNDERLYING,
+      AaveV3EthereumAssets.USDC_ORACLE,
+      AaveV3EthereumAssets.GHO_ORACLE,
+      IERC20(proposal.ARC_USDC()).balanceOf(address(AaveV3Ethereum.COLLECTOR)),
+      address(AaveV3Ethereum.COLLECTOR),
+      100
+    );
+
+    GovHelpers.executePayload(vm, address(proposal), AaveGovernanceV2.ARC_TIMELOCK);
+
+    assertLt(
+      IERC20(proposal.ARC_USDC()).balanceOf(address(AaveV3Ethereum.COLLECTOR)),
+      balanceArcUSDCBefore
+    );
+
+    assertEq(IERC20(proposal.ARC_USDC()).balanceOf(address(proposal.SWAPPER())), 0);
+  }
+}

src/20231102_Multi_AaveFundingUpdates/AaveV2Polygon_AaveFundingUpdates_20231102.sol

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+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {AaveV2Polygon, AaveV2PolygonAssets} from 'aave-address-book/AaveV2Polygon.sol';
+import {IERC20} from 'solidity-utils/contracts/oz-common/interfaces/IERC20.sol';
+import {MiscPolygon} from 'aave-address-book/MiscPolygon.sol';
+import {IProposalGenericExecutor} from 'aave-helpers/interfaces/IProposalGenericExecutor.sol';
+
+interface IAavePolEthERC20Bridge {
+  function bridge(address token, uint256 amount) external;
+}
+
+/**
+ * @title Aave Funding Updates
+ * @author efecarranza.eth
+ * - Snapshot: https://snapshot.org/#/aave.eth/proposal/0x099f88e1728760952be26fcb8fc99b26c29336e6a109820b391751b108399ee5
+ * - Discussion: https://governance.aave.com/t/arfc-aave-funding-update/15194
+ */
+contract AaveV2Polygon_AaveFundingUpdates_20231102 is IProposalGenericExecutor {
+  IAavePolEthERC20Bridge public constant bridge =
+    IAavePolEthERC20Bridge(MiscPolygon.AAVE_POL_ETH_BRIDGE);
+  uint256 public constant USDC_TO_WITHDRAW = 1_700_000e6;
+  uint256 public constant USDT_TO_WITHDRAW = 750_000e6;
+  uint256 public constant DAI_TO_WITHDRAW = 500_000e18;
+
+  function execute() external {
+    AaveV2Polygon.COLLECTOR.transfer(
+      AaveV2PolygonAssets.USDC_A_TOKEN,
+      address(this),
+      USDC_TO_WITHDRAW
+    );
+    AaveV2Polygon.COLLECTOR.transfer(
+      AaveV2PolygonAssets.USDT_A_TOKEN,
+      address(this),
+      USDT_TO_WITHDRAW
+    );
+    AaveV2Polygon.COLLECTOR.transfer(
+      AaveV2PolygonAssets.DAI_A_TOKEN,
+      address(this),
+      DAI_TO_WITHDRAW
+    );
+
+    uint256 usdcWithdrawn = AaveV2Polygon.POOL.withdraw(
+      AaveV2PolygonAssets.USDC_UNDERLYING,
+      type(uint256).max,
+      MiscPolygon.AAVE_POL_ETH_BRIDGE
+    );
+    uint256 usdtWithdrawn = AaveV2Polygon.POOL.withdraw(
+      AaveV2PolygonAssets.USDT_UNDERLYING,
+      type(uint256).max,
+      MiscPolygon.AAVE_POL_ETH_BRIDGE
+    );
+    uint256 daiWithdrawn = AaveV2Polygon.POOL.withdraw(
+      AaveV2PolygonAssets.DAI_UNDERLYING,
+      type(uint256).max,
+      MiscPolygon.AAVE_POL_ETH_BRIDGE
+    );
+
+    bridge.bridge(AaveV2PolygonAssets.USDC_UNDERLYING, usdcWithdrawn);
+    bridge.bridge(AaveV2PolygonAssets.USDT_UNDERLYING, usdtWithdrawn);
+    bridge.bridge(AaveV2PolygonAssets.DAI_UNDERLYING, daiWithdrawn);
+  }
+}

src/20231102_Multi_AaveFundingUpdates/AaveV2Polygon_AaveFundingUpdates_20231102.t.sol

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+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.0;
+
+import {IERC20} from 'solidity-utils/contracts/oz-common/interfaces/IERC20.sol';
+import {GovHelpers} from 'aave-helpers/GovHelpers.sol';
+import {GovernanceV3Polygon} from 'aave-address-book/GovernanceV3Polygon.sol';
+import {AaveV2Polygon, AaveV2PolygonAssets} from 'aave-address-book/AaveV2Polygon.sol';
+import {MiscPolygon} from 'aave-address-book/MiscPolygon.sol';
+import {ProtocolV2TestBase, ReserveConfig} from 'aave-helpers/ProtocolV2TestBase.sol';
+import {AaveV2Polygon_AaveFundingUpdates_20231102} from './AaveV2Polygon_AaveFundingUpdates_20231102.sol';
+
+/**
+ * @dev Test for AaveV2Polygon_AaveFundingUpdates_20231102
+ * command: make test-contract filter=AaveV2Polygon_AaveFundingUpdates_20231102
+ */
+contract AaveV2Polygon_AaveFundingUpdates_20231102_Test is ProtocolV2TestBase {
+  event Bridge(address token, uint256 amount);
+
+  AaveV2Polygon_AaveFundingUpdates_20231102 internal proposal;
+
+  function setUp() public {
+    vm.createSelectFork(vm.rpcUrl('polygon'), 49475560);
+    proposal = new AaveV2Polygon_AaveFundingUpdates_20231102();
+  }
+
+  function test_execute() public {
+    uint256 usdcBalanceBefore = IERC20(AaveV2PolygonAssets.USDC_A_TOKEN).balanceOf(
+      address(AaveV2Polygon.COLLECTOR)
+    );
+    uint256 usdtBalanceBefore = IERC20(AaveV2PolygonAssets.USDT_A_TOKEN).balanceOf(
+      address(AaveV2Polygon.COLLECTOR)
+    );
+    uint256 daiBalanceBefore = IERC20(AaveV2PolygonAssets.DAI_A_TOKEN).balanceOf(
+      address(AaveV2Polygon.COLLECTOR)
+    );
+
+    vm.expectEmit(true, true, false, false, MiscPolygon.AAVE_POL_ETH_BRIDGE);
+    emit Bridge(AaveV2PolygonAssets.USDC_UNDERLYING, proposal.USDC_TO_WITHDRAW());
+
+    vm.expectEmit(true, true, false, false, MiscPolygon.AAVE_POL_ETH_BRIDGE);
+    emit Bridge(AaveV2PolygonAssets.USDT_UNDERLYING, proposal.USDT_TO_WITHDRAW());
+
+    vm.expectEmit(true, true, false, false, MiscPolygon.AAVE_POL_ETH_BRIDGE);
+    emit Bridge(AaveV2PolygonAssets.DAI_UNDERLYING, proposal.DAI_TO_WITHDRAW());
+
+    GovHelpers.executePayload(vm, address(proposal), GovernanceV3Polygon.EXECUTOR_LVL_1);
+
+    assertApproxEqRel(
+      IERC20(AaveV2PolygonAssets.USDC_A_TOKEN).balanceOf(address(AaveV2Polygon.COLLECTOR)),
+      usdcBalanceBefore - proposal.USDC_TO_WITHDRAW(),
+      0.001e18
+    );
+    assertApproxEqRel(
+      IERC20(AaveV2PolygonAssets.USDT_A_TOKEN).balanceOf(address(AaveV2Polygon.COLLECTOR)),
+      usdtBalanceBefore - proposal.USDT_TO_WITHDRAW(),
+      0.001e18
+    );
+    assertApproxEqRel(
+      IERC20(AaveV2PolygonAssets.DAI_A_TOKEN).balanceOf(address(AaveV2Polygon.COLLECTOR)),
+      daiBalanceBefore - proposal.DAI_TO_WITHDRAW(),
+      0.001e18
+    );
+  }
+}