CDS Crypto News Aave DAO Greenlights Proposal for the Acquisition of 443,674 AURA Tokens from Olympus DAO
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Aave DAO Greenlights Proposal for the Acquisition of 443,674 AURA Tokens from Olympus DAO

The ARFC proposal by Aave DAO, aimed at acquiring 443,674 AURA tokens at a total cost of 420,159.28 DAI units, garnered approval with an overwhelming majority, achieving an approval rating of 83.69%.

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Aave DAO Greenlights Proposal for the Acquisition of 443,674 AURA Tokens from Olympus DAO

Crypto News– Olympus DAO Proposes Payment in DAI at a Rate of 0.9470 DAI per AURA Token, Equivalent to Current Market Value, for the Acquisition of 443,674 AURA Tokens by Aave DAO. The Total Cost to Aave DAO Amounts to 420,159.28 DAI Units. Aave DAO Currently Holds 2.873 Million Units of aDAI on Aave v2.

Aave DAO Greenlights Proposal for the Acquisition of 443,674 AURA Tokens from Olympus DAO

This proposal’s objective is to substitute the backing provided by Aura Finance by procuring 443,674 AURA tokens from Olympus DAO. Olympus DAO’s decision to reduce its AURA exposure stems from adjustments in Olympus DAO’s strategy.

Prior to the Balancer Holdings Ecosystem Update, which outlines the implications for Aura Finance’s AIP-42, the most efficient means for Aave DAO to introduce the GHO stablecoin is through the use of vlAURA as opposed to veBAL.

The proposal specifies an initial commitment of 400,000 vlAURA units from the Aura Finance team for the initial 3-month period. However, it is expected that support from veBAL and vlAURA for the GHO team will gradually diminish in the following months. Consequently, the proposal aims to replace this diminishing support by acquiring AURA tokens.

DAO is actively streamlining its treasury operations and intends to divest its AURA holdings through OTC channels. Utilizing AURA via the vlAURA governance token is considered a more efficient approach for incentivizing liquidity compared to direct BAL token purchases.

GHO stands as the exclusive stablecoin of Aave, the leading lending protocol within the Ethereum ecosystem, introduced earlier this year, garnering significant attention.

GHO is poised to be collateralized by a selection of tokens determined by the community, ultimately under the collective ownership and management of the entire Aave community, avoiding concentration within a specific individual or entity.

GHO’s existing platform facilitates collateralization of various cryptocurrencies, including DAI, USDC, AAVE, LINK, and ETH, allowing users to borrow GHO, DAI, USDC, and LINK.

Aave DAO Greenlights Proposal for the Acquisition of 443,674 AURA Tokens from Olympus DAO

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