AAVE announces the establishment of the 'DeFi United' rescue fund to restore rseth support

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CryptoWorld News reports, according to The Defiant, that AAVE has announced the establishment of the “DEFI United” rescue fund to restore support for rseth after the Kelp bridge attack on April 18. On April 23, AAVE stated that “multiple strong commitments” have joined the recovery efforts, with Lido Finance becoming the first public participant. The Lido proposal will contribute up to 2,500 Lido staked Ethereum (STETH), valued at approximately 5.7 million USD. According to the proposal, the total shortfall exceeds 100,000 ETH, and AAVE and Lido have obtained commitments from other service providers. Lido warned that without full coverage, depositors of the Earneth Vault may face losses of approximately 9,000 ETH. AAVE also paused rseth reserves on Ethereum mainnet, Arbitrum, Base, Mantle, and Linea to support the recovery efforts, further promising that additional updates will be announced later.

AAVE1.75%
ETH-1.48%
STETH-1.24%
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