Summary
- Mantle Core submitted a draft of MIP-34 that would allow the Mantle Treasury to provide a loan of up to 30,000 ETH to Aave DAO.
- The loan would be used to address bad debt on Aave V3 caused by the rsETH bridge hack, and the Mantle Treasury would earn risk-adjusted returns through the arrangement.
- Aave DAO proposed providing 5%% of protocol revenue and at least $11 million worth of AAVE tokens as collateral, and the proposal is currently in the community discussion stage and has not yet gone to a formal vote.
Forecast Trend Report by Period
Mantle is considering a loan of up to 30,000 Ether to help Aave DAO address bad debt.
Wu Blockchain reported on April 24 that Mantle Core had submitted a draft of MIP-34 to let the Mantle Treasury lend as much as 30,000 ETH to Aave DAO. The loan would be used to cover bad debt on Aave V3 resulting from the rsETH bridge hack on April 18.
The proposal sets a loan term of up to 36 months. The interest rate would be Lido yield plus 1%, or another rate to be determined later. There would be no penalty for early repayment.
Aave DAO proposed providing 5% of protocol revenue as collateral, along with at least $11 million of AAVE tokens. Mantle would secure delegated voting power over about 130,000 AAVE tokens.
A published summary of the proposal said the loan would be used only to clean up bad debt created by the rsETH incident. It added that the Mantle Treasury would earn risk-adjusted returns through the arrangement.
The proposal is currently in the community discussion stage and has not yet gone to a formal vote.
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE
