Aave Token Holders Cast Votes on Proposal to Convert 1,600 ETH From the Protocol’s Treasury

A recent proposal regarding Aave has emerged to determine the allocation of $3 million from the protocol’s treasury.

The Aave token holders will participate in a governance vote concerning the conversion of 1,600 Ether, valued at approximately $3 million, from the DeFi protocol treasury into wrapped staked ether (wstETH) and rocket pool ether (rETH).

• The proposal, initiated on July 3rd, has garnered 252,152 votes in favor, falling short of the required 320,000 at the time of this report. Aave token holders have until July 7th to cast their votes.
• For those unfamiliar, wrapped Staked Ether (WETH) and Rocket Pool Ether (rETH) are types of staking derivatives that allow market participants to earn rewards from staking.

“Aave DAO currently possesses 1,786.51 awETH (v2) and 104.548 units of ETH within the Collector Contract. The yield from the awETH deposit in Aave v2 is 1.69%, compared to 3.8% with wstETH and 3.13% with rETH. This AIP aims to convert all unproductive ETH balances, along with aWETH (v2 and v3), into equivalent amounts of wstETH and rETH.”

• Aave’s native token, AAVE, has seen a substantial recovery alongside the wider digital asset market over the last three weeks.
• It increased by over 22% in the past week alone and is currently trading at $74.95.
• As per the latest figures compiled by DefiLlama, Aave’s total value locked (TVL) rose by nearly 60% from $3.74 billion in January to the current value of $5.98 billion.
• Despite this notable recovery, Aave’s TVL remains down by nearly 70% from its all-time high of nearly $20 billion in October 2021.

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