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Aave announces the establishment of a recovery fund to promote the full asset-backed recovery of rsETH
ChainCatcher message, Aave announces that ecosystem partners and service providers will establish a recovery fund to promote the full asset backing recovery of rsETH. The plan has been considered in conjunction with the pending Aave DAO governance vote (including Arbitrum governance vote), indicative protocol, and subsequent successful implementation.
Aave stated that it has reached an agreement with KelpDAO and LayerZero on the technical steps required to execute the recovery plan. The related work is underway, and addressing affected user issues and maintaining the stability of the broader DeFi ecosystem are the top priorities. The final recovery plan, user operation steps, and further updates will be announced soon.