According to both parties, the swap occurred via a smart contract that used a flat rate of 1 AAVE for 11.829 BAL tokens.
Aave DAO, the governance arm of the Aave decentralized finance protocol, has swapped $1.6 million worth of its AAVE tokens with $1.13 million in Balancer tokens in an exchange for each project’s treasury coin.initiated by LlamaPay developer Matthew Graham in March. The proposal, which was subsequently amended, called for Aave to swap 16,908 AAVE tokens for 200,000 BAL coins.
According to details from the on-chain voting page, the vote passed unanimously with nearly 400,000 in favor of the proposal. The processWith the vote concluded, the swap occurred via a smart contract that used a flat rate of 1 AAVE for 11.829 BAL tokens. Using this rate helps with the wide difference of over $500,000 in the token swap, according to the value of each token.
According to the proposal, the treasury swap will enable Aave and Balancer to play a more prominent role in the governance of other’s protocols. The treasury swap will also provide a “strategic advantage” for Aave in the “Balancer wars.”, Aave proposed the creation of a stablecoin called GHO, pegged to the US dollars. Based on the proposal, Aave users will be able to mint the stablecoin against the supplied ratio of collaterals.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
On-chain investment protocol Sommelier debuts Cellar on AaveSommelier, an on-chain investment protocol, has launched its first-ever community-governed product called Cellar.
Read more »
Mega Million ticket worth $1 million sold in Phoenix, remains unclaimedNo one won the Mega Millions jackpot Tuesday night, but one $1 million winner has still yet to claim their prize money from the drawing.
Read more »
LaPhonso Ellis ejected in heated altercation in $1 million basketball tournamentFormer NBA player LaPhonso Ellis — who is the coach of the Heartfire TBT — is “ashamed of [his] behavior” that led to him getting ejected in a 79-74 victory over The Enchantment on Wedn…
Read more »
No one hits Mega Millions' jackpot, but someone in AZ wins $1 millionThe expected jackpot of $630 million would make Friday's drawing the lottery’s fifth-largest ever and 11th-largest in U.S. history.
Read more »
On-chain investment protocol Sommelier debuts Cellar on AaveSommelier, an on-chain investment protocol, has launched its first-ever community-governed product called Cellar.
Read more »
Anonymous BTC Whale Transfers 46,000 BTC, But No One Knows Why$BTC might be in danger as this whale moves $1 billion worth of tokens all of a sudden
Read more »