Aave Unveils 'DeFi United'
Plus, Tether freezes $344 million
gm, Defiers!
TL;DR:
- Aave creates post-Kelp relief fund
- Tether freezes $344M in USDT
- Circle proposes emergency rate change on Aave pool
- On-chain trading still feels clunky. It doesn’t have to be that way [MEDIA PARTNERSHIP]
- Bitcore to launch first privately-issued ILS stablecoin [MEDIA PARTNERSHIP]
Let’s dive in.
Five days after the Kelp bridge exploit blew a giant hole in rsETH's backing and seized up lending markets across DeFi, the ecosystem is mobilizing.
Aave is leading a coalition it's calling "DeFi United," a relief fund aimed at making users whole, with Lido and other service providers already signaling commitments.
Meanwhile, Circle is moving to unfreeze its own corner of the fallout, proposing emergency interest rate changes to thaw an Aave USDC pool pinned at 99.87% utilization since the attack.
Elsewhere, Tether froze $344 million in USDT on Tron at the request of U.S. law enforcement, extending a long run of compliance actions tied to alleged illicit activity.
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| TICKER | VALUE | 24H | |
|---|---|---|---|
 | BTC | $77,845 | ▼ 1.41% |
 | ETH | $2,312.95 | ▼ 3.80% |
 | XRP | $1.43 | ▼ 0.87% |
 | BNB | $635.8 | ▼ 1.56% |
 | SOL | $85.44 | ▼ 2.57% |
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Aave Announces 'DeFi United' Relief Fund to Restore rsETH Backing After Kelp Exploit
Aave is rallying the DeFi ecosystem under a coordinated effort it's calling "DeFi United" to help make users whole after the April 18 Kelp bridge exploit left rsETH underbacked, putting funds at risk across multiple lending markets.
Why it matters: The total deficit exceeds 100,000 ETH, and both Aave and Lido noted that there are already indicative commitments from other service providers for the effort.
Tether Freezes $344M USDT in Coordination with U.S. Law Enforcement
Tether said Thursday it has frozen $344 million in USDT across two wallet addresses on the Tron blockchain, acting on information shared by U.S. authorities about activity tied to "unlawful conduct."
Why it matters: The freeze extends a string of high-profile collaborations between Tether and U.S. authorities.
Circle Proposes Emergency Rate Changes to Unstick Aave's Frozen USDC Pool
Circle has proposed an emergency overhaul of the interest rate parameters on Aave V3 Ethereum Core's USDC pool, which has been pinned at 99.87% utilization in the wake of the KelpDAO exploit.
Why it matters: The proposal would raise the pool's Slope 2 parameter for USDC deposits interest rate, from roughly 10% to 40% immediately, via a Risk Steward action.
Trending on The Defiant
- Circle Proposes Emergency Rate Changes to Unstick Aave's Frozen USDC Pool
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- New York Attorney General Sues Coinbase, Gemini Over Unlicensed Prediction Markets That’s it for today — if you enjoyed this newsletter, tell your friends! https://thedefiant.io/subscribe
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