The Aave community has approved a $2 million token swap to procure BAL-WETH liquidity pool tokens from the DeFi protocol, Balancer.
a $2 million token swap to procure BAL-WETH liquidity pool tokens from the decentralized exchange protocol Balancer as part of its diversification strategy.
The Aave DAO will conduct the swap, using 310,000 BAL valued at $1.4 million and 326 units of wrapped ether worth $600,000 from its treasury. The approved assets will be converted into B-80BAL-20WETH, pairing BAL tokens with ether. The swap will be conducted with the help of CowSwap’s Milkman protocol, which will guard against miner extractable value exploits and minimize potential slippage risks.
The Aave DAO plans to convert its BAL-WETH holdings into vote escrowed Balancer tokens , the main staking and governance token on the Balancer platform. The objective of the actions is to enhance Aave’s position in the DeFi market by attracting more liquidity to Aave's Balancer pools, potentially leading to increased revenues from enhanced yields.
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