Aave Companies OTC Proposal for Tribe DAO’s veBAL

Summary:

The Aave Companies would like to present an offer to Tribe DAO for the purchase of 81,650 veBAL (112 040 BPT) as an OTC deal for 900,000 DAI.

Motivation:
The Aave Companies are software developers who build open source, blockchain based software, including the Aave Protocol – an open source, decentralized, non-custodial liquidity protocol that allows users to supply and borrow crypto assets.
The Aave Companies has been a long-term user of the Balancer AMM, and is an active member of the Balancer DAO community. Given this support, the Aave Companies would like to extend this position in the Balancer DAO by purchasing the veBAL from Tribe DAO.

Conditions:

After technical review of the various contracts, and their given trust assumptions, we propose holding the DAI in a 2 of 3 multisig escrow until there is satisfactory handover of the relevant contracts and revocation of the various Tribe admin roles.

The signers would be Aave Companies, Balancer, & Tribe.

2 Likes

Update*

Summary:

The Aave Companies would like to present an offer to Tribe DAO for the purchase of 81,650 veBAL (112 040 BPT) as an OTC deal for 1,000,000 DAI.

Motivation:
The Aave Companies are software developers who build open source, blockchain based software, including the Aave Protocol – an open source, decentralized, non-custodial liquidity protocol that allows users to supply and borrow crypto assets.
The Aave Companies has been a long-term user of the Balancer AMM, and is an active member of the Balancer DAO community. Given this support, the Aave Companies would like to extend this position in the Balancer DAO by purchasing the veBAL from Tribe DAO.

Conditions:

After technical review of the various contracts, and their given trust assumptions, we propose holding the DAI in a 2 of 3 multisig escrow until there is satisfactory handover of the relevant contracts and revocation of the various Tribe admin roles.

The signers would be Aave Companies, Balancer, & Tribe.

1 Like

The Snapshot to approve this sale inadvertently listed the Aave DAO – rather than the proper proposed purchaser, The Aave Companies – for Tribe DAO’s veBAL OTC purchase. We believe that the identity of the purchaser is essential for the Tribe DAO’s vote, so request a new snapshot is submitted to the DAO for voting with the correct information.

Posted the snapshot : Snapshot

The OTC of veBAL with Aave Companies will be proposed on Wednesday, October 5 at noon PT.

Aave Companies does not want to fully release 1M DAI until both the OTC is complete and governance is voted to be disabled. Aave Companies has agreed to escrow 1M DAI in a ⅔ Multisig with Balancer DAO and Tribe DAO. The multisig will release the 1M DAI after governance is disabled so long as no votes beforehand hinder Aave’s access to the veBAL and it functions as expected.

The proposal would temporarily use 1M DAI from the FEI PSM to increase the TRIBE Redeemer balance as soon as the veBAL OTC executes and Aave Companies has escrowed their 1M DAI.

The proposed path allows TRIBE holders to access the 1M DAI immediately and satisfies the constraints requested by Aave Companies.