{"id":582858,"date":"2023-07-05T12:42:11","date_gmt":"2023-07-05T11:42:11","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=582858"},"modified":"2023-07-05T12:42:21","modified_gmt":"2023-07-05T11:42:21","slug":"aave-dao-votes-ether-wsteth-reth-yield","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/aave-dao-votes-ether-wsteth-reth-yield\/","title":{"rendered":"Aave DAO Votes On Redeploying $3 Million In Ether To wstETH And rETH For Higher Yield"},"content":{"rendered":"\n
Summary: <\/p>\n\n\n\n
Aave DAO members are voting<\/a> on a proposal to earn higher yield by converting 1,600 unstaked Ether (ETH) from the DeFi platform’s treasury into two liquid staking derivatives – wrapped staked ETH (wstETH) and rocket pool ETH (rETH). <\/p>\n\n\n\n The proposal argues that Aave would generate a higher yield by converting part of its unstaked ETH treasury into LSD. Currently, staking on the DeFi lender’s version 2 or V2 platform generates 1.69%. Staking-wrapped ETH and rocket pool ETH would earn the protocol 3.8% and 3.13% respectively. <\/p>\n\n\n\n Aave DAO currently holds 1,786.51 awETH (v2) and 104.548 units of ETH in the Collector Contract. The awETH deposit yield in Aave v2 earns 1.69%, relative to 3.8% with wstETH and 3.13% with rETH. This AIP converts all the unproductive ETH balance, along with aWETH (v2 and v3) into the same amounts of wstETH and rETH.<\/p><\/blockquote>\n\n\n\n LSDs like wrapped staked ETH and rocket pool ETH allow stakers to lock up their tokens without losing access to liquidity. Liquid staking derivatives achieve this by accepting collateral – which is the staked crypto like ETH – and offering a derivative of that token. <\/p>\n\n\n\n At press time, 252,152 votes support the move of out the 320,000 required for the proposal to pass. Notably, 236,000 of the votes were cast by a single wallet with the ENS “aavechan.eth”. The DeFi protocol’s token was down 2% in the last 24 hours at press time and exchanged hands around $75. <\/p>\n\n\n\n In other news, the DAO votes to deploy V3 of the service on Ethereum layer 2 network Metis<\/a> and BNB Chain<\/a>. <\/p>\n\n\n\nAave DAO To Staked Unproductive ETH Balance<\/h2>\n\n\n\n