cryptonews.net
The Decentralized Autonomous Organization (DAO) behind decentralized finance (DeFi) platform Aave has accepted an offer to reward Aave Companies members with a retroactive $16.28 mln reward for their role in developing the Aave v3 protocol. Voting on the proposal began on Tuesday, and at the time of writing, there have already been 667,000 votes in favor of funding, more than double the required 320,000. Voting is scheduled to end on September 8th.
Under the original proposal, which was first submitted on August 10, Aave Request for Comment (ARC) was asking for "retroactive funding" to work on developing the v3 protocol. The $16.28 mln consists of $15 mln for work completed by developers over a period of more than one year and $1.28 mln for expenses paid to third party auditors. The money will be donated to members of the firm behind the popular DeFi protocol, Aave Companies.
The funding will consist of a combination of AAVE tokens, Dai (DAI), Tether (USDT), USD Coin (USDC), alternative stable assets such as the Frax stablecoin, and higher volatility assets such as Synthetix once the offer is accepted.
Image: The Crypto Times