Aave announces DeFi United recovery plan: intends to restore rsETH asset backing and execute controlled liquidations

robot
Abstract generation in progress

Deep Tide TechFlow News, April 28th, according to official sources, Aave stated that DeFi United has released a technical implementation plan, intending to restore KelpDAO’s rsETH assets backing after completing governance approval, execution scheduling, and final protocol approval, and to clear the related positions of attackers on Aave and Compound.

The plan shows that DeFi United will gradually convert the promised ETH into rsETH and deposit it into the bridging lock-up contract to restore rsETH’s backing at the current exchange rate of approximately 1.07 ETH.

Meanwhile, Aave will execute controlled liquidations through governance proposals on Ethereum and Arbitrum to recover excess collateral from about 107k rsETH tokens and repair the affected markets. During this period, the WETH and rsETH reserves on Ethereum Core, Arbitrum, Base, Mantle, and Linea will remain frozen.

ETH-1.37%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pin