The Aave Companies blog posted a request to the decentralized autonomous organization Aave DAO for a $16.6 million refund on the development of Aave v3.
According to the developers, one part of the amount of $15 million will go to the team’s salary, and the remaining $1.6 million will cover the cost of auditing smart contracts. Aave Companies claims that five blockchain code security companies reviewed Aave v3 in two separate audit rounds.
The Aave developers want $10 million of that amount to be paid out in stablecoins and $6.6 million in AAVE tokens. At the same time, Aave Companies promises that it will block its AAVE tokens for $6.6 million after the proposal is approved. The blocking period will be one year.
The company also insists that the payment in stablecoins reflect the percentage composition of the treasury holdings of the protocol. The DAO treasury holds about $34 million in three stablecoins – USDC, DAI and USDT. At the same time, USDC makes up 51% of assets, and the last two – 30% and 19%, respectively.
Aave Companies is the commercial company behind the Aave lending protocol, and the Aave DAO oversees the financing of the protocol. Last month, despite the collapse of the UST project and tightening regulation, Aave DAO voted in favor of a proposal to create a new stablecoin, GHO.
Source: Bits
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