Simple Summary

This publication presents the May/June Funding Update, consisting of the following key activities:

• Deposit idle ETH on the Collector into the Aave v3 Core instance;
• Refresh the MainnetSwapSteward Allowances to support GHO acquisition and runway;
• Create an aEthLidoGHO Allowance for the Tydro incentive campaign;
• Refresh the AFC aPlaUSDT0 Allowance on Plasma; and,
• Pay out bug bounties and reimburse audit costs.

Motivation

This publication addresses near-term operational requirements and refreshes the Allowances that support the buyback and runway initiatives.

The MainnetSwapSteward continues executing a rolling GHO acquisition strategy to maintain adequate runway and support AAVE buybacks. 3.7M GHO was acquired during May 2026, and 4M GHO shall be acquired during June 2026, to be deposited into the Prime instance. These swaps are executed through the MainnetSwapSteward and are not part of this proposal's payload; the proposal only replenishes the Allowances that fund them.

TokenLogic is reimbursed for costs incurred in facilitating the audit of the GhoRouter PR intended to streamline the UX for moving from USDC or USDT to GHO or sGHO.

This update also includes a bug bounty payment to a security researcher, along with the corresponding Immunefi fee. A separate publication from Aave Labs will provide insights into the findings.

Specification

Runway

Deposit idle ETH on the Collector into the Aave v3 Core instance.

In addition to the 3.7M GHO acquired during May 2026, use the MainnetSwapSteward to acquire 4M of GHO to be deposited into the Prime instance during June 2026.

Tydro Incentive Campaign

To support the continued success of the friendly Tydro deployment, an aEthLidoGHO Allowance will be created to fund an upcoming incentive campaign.

• Asset: aEthLidoGHO 0x18eFE565A5373f430e2F809b97De30335B3ad96A
• Amount: 5,000,000
• Spender: Ahab 0xAA2461f0f0A3dE5fEAF3273eAe16DEF861cf594e
• Method: approve() the above asset on the Aave Collector contract to the Ahab address.

Token Budget

To support the acquisition of GHO, replenish the Allowances on the MainnetSwapSteward 0xb7D402138Cb01BfE97d95181C849379d6AD14d19.

Method: increaseTokenBudget(token, amount) the above assets on the MainnetSwapSteward address.

Reference: MainnetSwapSteward forum post.

Plasma

Refresh the existing aPlaUSDT0 Allowance down to 3M.

• Asset: aPlaUSDT0 0x5D72a9d9A9510Cd8cBdBA12aC62593A58930a948
• Amount: 3,000,000
• Spender: AFC 0x22740deBa78d5a0c24C58C740e3715ec29de1bFa
• Method: approve() the above asset on the Aave Collector contract to the AFC address.

Reimbursements

Reimburse 11,655 aEthLidoGHO to TokenLogic for GhoRouter audit expenses incurred.

• Asset: aEthLidoGHO 0x18eFE565A5373f430e2F809b97De30335B3ad96A
• Amount: 11,655
• Recipient: TokenLogic 0xAA088dfF3dcF619664094945028d44E779F19894

Reimburse Aave Labs for costs incurred in facilitating the audit of Aave Pro, Aave Kit, Aave App and general protocol services.

• Asset: aEthLidoGHO 0x18eFE565A5373f430e2F809b97De30335B3ad96A
• Amount: 392,746.66
• Spender: Aave Labs 0x1c037b3C22240048807cC9d7111be5d455F640bd

Bug Bounty

• 7,500 GHO 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48 to the security researcher 0xcC7383b24631d8BfC8571dbF9c81d6D094688628.
• 750 GHO to Immunefi 0x7119f398b6C06095c6E8964C1f58e7C1BAa79E18. This is the fee corresponding to 10% of the bounty.
• 1,100 GHO to 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48 to the security researcher 0x666B8EbFbF4D5f0CE56962a25635CfF563F13161 (Sherlock).

References

• Implementation: AaveV3Ethereum, AaveV3Plasma
• Tests: AaveV3Ethereum, AaveV3Plasma
• Discussion

Copyright

Copyright and related rights waived via CC0.