Aave and Maker at Odds Over $2 Million Profit Sharing Arrangement
Aave and Maker: Aave DAO is publicly criticizing MakerDAO for not upholding a $2 million profit-sharing agreement. In February 2023, Phoenix Labs, the team behind MakerDAO’s lending protocol Spark, proposed sharing 10% of Spark’s profits with Aave over two years. The estimated total was $2 million as a token of appreciation for utilizing Aave’s code.
However, Marc Zeller, a delegate from Aave DAO, claims Spark has only delivered a fraction of the promised amount, attributing the shortfall to “creative accounting” by MakerDAO. Zeller urges for a more collaborative relationship between the two DAOs and suggests that the community consider declaring Spark a “non-approved fork” of Aave’s code.
Avi Eisenberg’s Fight for Lost Funds
Avraham Eisenberg, currently in jail for his $115 million exploit of Mango Markets, is also pursuing a legal battle to recover $14 million he alleges was stolen by Waves creator Sasha Ivanov. Eisenberg accuses Ivanov of a “bait-and-switch scam” and running a “global Ponzi scheme.” Despite court filings, Eisenberg has yet to serve Ivanov directly to proceed with his case. A previous investigation linked wallets associated with Ivanov to the siphoning of $530 million from a lending protocol on Waves, which Ivanov denies.
Polkadot’s Controversial Spending
Polkadot is under scrutiny after revealing it spent $37 million on marketing in the first half of the year, including $5 million on influencers and $180,000 to brand private jets. Critics argue these expenditures have not significantly boosted Polkadot’s profile. Despite the backlash, the cooperative’s spending rose 140%, totaling nearly $87 million, up from about $27 million in the latter half of 2023.
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FAQ
What is the dispute between Aave DAO and MakerDAO about?
Aave DAO claims MakerDAO failed to honor a $2 million profit-sharing deal involving MakerDAO’s Spark lending protocol.
Why is Aave DAO unhappy with MakerDAO?
Aave delegate Marc Zeller says Spark has only paid about 1% of the agreed profits due to “creative accounting.”
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