Aave Companies Will Reward Aave Developers $16.3M In Retroactive Funding.
Crypto lending protocol Aave, looks to be set to reward members of the Aave companies with $16.28 million in retroactive funding for their role in developing Aave Protocol v3.
Aave Community Almost Unanimously Agree On Funding Proposal
Voting on the proposal began Tuesday and, as of this writing, has already passed 667,000 votes for funding, more than double the 320,000 required. Voting ends on 8th September.
Decentralized autonomous organizations (DAOs) like Aave rely on community votes and proposals to determine the decisions they make. These decisions are made by token holders, who vote on many different issues such as growth plans and others, as proposed by the community.
In the proposal written to the Aave governance forum, “We propose that the Aave DAO retribute a total of $16.28M in retroactive funding to Aave Companies for the development of Aave Protocol V3”.
How Will The Funding Be used?
$15 million of the $16.28 million will be used for the work done by developers over the course more than a year and the rest of $1.28 million will be used for payment to third-party auditors.
Around 60% of the funding would go to engineering-based roles, and 40% to non-engineering roles, such as design and product management.
The overwhelmingly vote in favor of the retroactive funding request, with some community members suggesting “Aave Companies did tremendous work and should be paid for that.”
The funding will be made up of a combination of AAVE tokens, and other stablecoins. $5.4 million will be divided amound Dat (DAI), Tether (USDT) and USDC, $1.1 million in other unspecified stablecoins, $3.3 million in “more volatile crypto assets” and $6.2 million in Aave’s native AAVE tokens according to coindesk.
Companies that helped in the development of the protocol are BGD Labs, Certora, SigmaPrime, Llama, Gauntlet and Aave Companies.