👻Aave: Add $ENS to Aave V2

Summary:

If passed, this proposal will add the ENS governance token to Aave V2.

About ENS:

Ethereum Name Service is a critical contributor to the Ethereum Ecosystem which allows users to turn their Ethereum wallet address into a ‘human-readable’ name, similar to a domain name! At the time of writing, there are over 400,000 registered ENS names!

ENS x Rabbithole:

ENS and Rabbithole have partnered in the past, with two tasks currently active inside the Rabbithole app! Additionally, Rabbithole’s metagovernance pod contributes to ENS governance.

Benefits of this Proposal:

This proposal would benefit both the Aave community, as well as the ENS community. The ENS community will benefit from additional liquidity options on chain, and the Aave community will benefit from the addition of a highly reputable protocol’s token! Additionally, many members of the Aave community are also members of the ENS community, and it would benefit these users to be able to use their ENS on Aave!

Proposal:

https://app.aave.com/#/governance/63-QmU4MH1mps19vXJzWeV555T6yhqX2sqSceaN1fkkxgFDe1 **

Implementation:

📊 Initial Parameters: LTV: 50% Liquidation threshold: 60% Liquidation bonus: 8% Reserve Factor: 20%

Specifications: This proposal initialises the ENS reserve, enables variable borrowing, sets a reserve factor and configures the reserve as collateral. As needed, it also connects a price source on the AaveOracle. (Aave)

🔗 Links:

• Aave ARC: https://governance.aave.com/t/arc-add-ens-as-collateral/6342

• ENS Coingecko: https://www.coingecko.com/en/coins/ethereum-name-service

• ENS Token Contract: https://etherscan.io/token/0xC18360217D8F7Ab5e7c516566761Ea12Ce7F9D72

Recommendation:

I recommend that the Rabbithole metagovernance pod vote ‘Yes’ on the proposal to add ENS to Aave V2! ENS is a core contributor to the Ethereum ecosystem, and is used by many of Rabbithole’s users. This proposal appears to be very well thought out, with simulations already ran and the results of those in the governance document linked above. This seems to be a positive sum proposal, with Aave adding very reputable protocol’s token in ENS, and ENS adding a very reputable option for liquidity in Aave. Many Aave community members are also ENS community members, and will immediately benefit from this proposal.

• Open Questions:

• Feedback:

• Execution status: Executed

• Vote: Yes

• Community Vote

  • 16 Y

  • 0 N

• Pod Vote

  • 18 Y

  • 0 N