An Ethereum user used Aave’s V2 lending platform by depositing 7.5 million USDC as collateral.
Aave’s Decentralized Social Media Platform Lens Protocol Releases New Governance Model
Lens Improvement Proposals (LIPs), which is inspired by Ethereum and Aave, is an attempt to create a framework for developers, creators and users to participate and have a voice in the decision-making process of Len’s future development.
Aave proposal to freeze alleged Curve founder’s loans draws controversy
The proposal suggests that a cap should be imposed on the use of CRV as collateral, preventing this wallet address from adding more loans.
Curve Finance Founder Deposits $24M CRV into Aave to Safeguard $65M Stablecoin Loan
Curve Finance founder Michael Egorov has deposited $24 million worth of Curve DAO (CRV) tokens to decentralized lending platform Aave to mitigate against liquidation risk on a $65 million stablecoin loan.
Aave-Developed Lens Protocol Raises $15M to Expand ‘Social Layer’ of Web3
Uniswap CEO Hayden Adams, OpenSea co-founder Alex Atallah, entrepreneur Balaji Srinivasan and Polygon co-founder Sandeep Nailwal joined the round as angel investors.
Aave Lending Protocol Moves Closer to Launching GHO Stablecoin on Ethereum Mainnet
Aave Companies proposed two key features for the decentralized stablecoin in a governance post on Tuesday.
Bitcoin reclaims $28K, and charts suggest ARB, XRP, EOS and AAVE could follow
BTC and stocks look to rally after US lawmakers potentially reach a deal on the debt ceiling.
A week filled with exploits and uncertainty for DeFi: Finance Redefined
DeFi saw another multimillion-dollar rug pull this past week, and the Multichain saga continues to spiral out of control.
Aave V2 Users Temporarily Unable to Access $120M on Polygon After Governance Bug
All funds remain safe and a governance proposal is underway to update the faulty strategy, developers said.
$120 Million Of Aave Funds Stuck In Polygon, Good For Bears?
Following a recent update, over $120 million of Aave v2, a decentralized finance (DeFi) protocol for lending and borrowing tokens, user assets are “stuck” on Polygon.
Bug On Aave v2 On Polygon
The bug affecting withdrawals from Aave v2 deployed on Polygon, an Ethereum side-chain, has been pinned to the recent implementation of “proposal 224”.
Proposal 224 sought to make parameter changes “for the benefit of the protocol” in light of “shifts in the crypto market .” The adjustment received majority support and was implemented.
However, after the execution, the DeFi protocol was notified of several issues affecting the interest rate strategy contracts applied to the wrapped versions of Bitcoin, Ethereum, MATIC—the native currency of Polygon, and USDT—the world’s most liquid stablecoin.
The development team has said the root cause was because the updated version, especially relating to the “LendingPool to call the rate strategy of an asset” applied on Polygon, was slightly different from that integrated with Ethereum. While users can’t withdraw assets, the DeFi protocol emphasizes that all funds are safe.
Beyond the explainer released by Aave, analysts pin the specific problem on the incompatibility issue between the ReserveInterestRateStrategy contract and the underlying Polygon network.
Since the contract was designed to work specifically on Ethereum, as Aave mentioned, it couldn’t work on Polygon, causing it to fail. Subsequently, users couldn’t withdraw their tokens.
Compatibility Problems
The ReserveInterestRateStrategy contract is a core contract in Aave that helps calculate and apply interest rates to borrowed loans.
To correctly function, the autonomous contract factors in several things, including prevailing market forces, the risk of user defaulting, and the collateralization ratio.
In Aave, all loans are overcollateralized, meaning a borrower must commit more collateral than the amount they wish to borrow.
The Aave team plans to fix the bug, subject to the result of the ongoing vote. Though the community wants the problem to be fixed, affected users will only begin withdrawing assets from Aave v2 later this week.
Considering governance times, if approved, the fix will be applied in approximately seven days from now: 1 day of delay to start voting, three days of voting, one day of time lock on Ethereum, and two extra days of time lock on Polygon.
Despite the flaw, AAVE prices are stable. However, since the problem was first brought to light on May 19, the token has been lower but inside the bull bar of May 17.
It is yet to be seen how prices will react in the course of the week. Presently, the token is down 25% from April 2023 and remains in a bearish formation.
Bug in Aave V2 Polygon causes some assets to become stuck in contracts
The bug only affects the Polygon implementation, and V3 is unaffected
Aave V3 launches on Ethereum layer-2 network Metis
Ethereum layer-2 protocols continue to attract the biggest players in the decentralized finance sector, with liquidity protocol Aave deploying on scaling network Metis.
Aave DAO Passes Proposal to Deploy on Ethereum Layer 2 Metis Network
The move could bolster market liquidity for the burgeoning Metis ecosystem, community members say.
Bitcoin price holding $27K could open buying opportunities in BNB, ADA, XMR and TON
Altcoin prices have crumbled since BTC’s sharp pullback, but BNB, ADA, XMR and TON could be the first to bottom.
Aave’s proposal to launch on zkEVM passes ‘temperature check’ vote
A proposal to deploy the third version of lending protocol Aave has recently passed a “temperate check” with an overwhelming favorable majority.
Exploit Involving Aave and Yearn Helped Users Make Money
The exploiter paid back Aave users’ USDT debts on its V1 markets, making the total USDT borrowed stand at zero.
DeFi Protocols Aave, Yearn Finance Likely Impacted in Exploit: PeckShield
Losses may total over $11 million, data suggests.
Bitcoin price sets up for an explosive move as ADA, XLM, AAVE and CFX turn bullish
BTC’s tight trading range hints at an eventual breakout, and ADA, XLM, AAVE and CFX could follow.
Crypto Game Aavegotchi to Build Custom Blockchain Using Polygon Tech
Gotchichain is a permissioned version of Polygon optimized for Aavegotchi-themed games and dapps.
Coinbase Is Adding DeFi Apps Uniswap and Aave to Its Base Blockchain: Source
A person familiar with the process said Uniswap would probably appear on Base in a couple of months.