From Fractures to Coexistence: DeFi United Has Raised Enough ETH Who Is Donating

Kang Zhu, Golden Finance

April 28, DeFi United’s latest data shows that over $30k worth of 132k ETH has been raised, fully covering the $292 million loss caused by the Kelp DAO attack.

The current main rescuers include:

30765 ETH recovered by Arbitrum DAO; 30,000 ETH provided by Consensys and founder Joseph Lubin; 30,000 ETH from Mantle; 25,000 ETH from Aave DAO; 5,000 ETH from Aave founder Stani Kulechov; 5,000 ETH from Ether.Fi; 2,500 ETH from Lido; 2,000 ETH from Kelp; 1,000 ETH from Golem Foundation; 500 ETH from Aave senior engineer Emilio Frangella; 350 ETH from BGD Labs and co-founder Ernesto; 100 ETH from Karpatkey co-founder Marcelo Ruiz de Olano; and small donations totaling 588 ETH from numerous retail traders in the crypto community.

Additionally, support from Circle Ventures, LayerZero, Ethena, Ink Foundation + Tydro, Frax Finance is pending confirmation.

Latest update on April 27 evening: Consensys and founder Joseph Lubin have provided 30,000 ETH to DeFi United and offered strategic advice; Lido: the proposal for 2,500 ETH aid has reached quorum and is expected to be executed next week; Circle Ventures is purchasing AAVE tokens.

Summary: Since the rsETH incident on April 18, led by Aave, the DeFi United ecosystem rescue effort has been ongoing. Many ecosystem participants and individual contributors, including Aave DAO, Lido, Ethena, Ink Foundation / Tydro, and others, have generously contributed to normalize the market.

According to data from the DeFi United official website, as of press time, 126k transfers from 11.6 wallets have raised a total of 102.5k ETH, equivalent to $245.59 million.

1. What is DeFi United?

DeFi United is a coordinated rescue initiative launched by Aave after the April 18 rsETH incident.

This effort brings together multiple ecosystem participants and individual contributors to increase rsETH’s funding reserves and restore market normalcy.

Early contributors to DeFi United include EtherFi, Lido, Mantle, Stani, Ethena, Ink Foundation / Tydro, Golem Foundation and Golem Project, Emilio, BGD Labs, Ernesto, and others.

Donated ETH will be used to support rsETH’s reserve recovery efforts, helping multiple networks return to normal market conditions.

The recovery work relies on third parties supported by DeFi United for technology and governance, but DeFi United cannot control the specific timeline or outcome.

2. Who are the donors?

1. Aave DAO (25,000 ETH, approved via vote)

On April 24, a service provider for Aave proposed a governance motion to donate 25,000 ETH to the ongoing DeFi United project.

2. Aave founder Stani Kulechov (5,000 ETH)

On April 24, Aave founder Stani Kulechov stated that Aave is his “lifelong career,” and the team is fully responding to the current risk event. He announced a personal contribution of 5,000 ETH to the “DeFi United” joint rescue plan. The plan aims to rally industry partners to fill collateral gaps, stabilize the market, and push for more commitments to quickly restore normal operation.

3. Lido Finance (2,500 stETH, approved via vote)

On April 24, Lido Finance proposed a plan on the governance forum to provide a one-time injection of up to 2,500 stETH into the Aave-led rsETH rescue plan, to cover collateral gaps and reduce risks spilling over into the broader DeFi ecosystem.

The vote was ultimately approved. According to the proposal on the forum, 2,500 stETH will be transferred from Aragon Agent to the Lido Labs Foundation’s multi-signature account.

4. EtherFi (5,000 ETH, voting in progress)

On April 24, EtherFi Foundation proposed donating 5,000 ETH to a dedicated relief mechanism. This mechanism aims to protect users and prevent bad debts in DeFi. The foundation believes coordinated, full-ecosystem measures are necessary to properly address the issue.

88.15% of voters opposed, only 11.85% supported. Voting will end on April 28, 2026, at 3:04 AM. Based on current votes, EtherFi Foundation’s proposal is unlikely to pass.

5. Mantle (loan of 30,000 ETH, no vote)

On April 24, Mantle core contributors proposed authorizing Mantle Treasury to lend up to 30,000 ETH to Aave DAO.

The loan should be subject to binding terms:

• Principal: < 30,000 ETH

• Borrower: Aave DAO (via Aave Labs or designated entity)

• Interest rate: LIDO +1% annual, or other terms negotiated and finalized by the execution team.

• Maturity: up to 36 months

• Early repayment: the borrower may decide whether to allow early repayment without penalty.

According to the guidelines in Mantle’s governance documents, the following protections should apply:

1. Collateral: All ETH under the loan will be allocated to a multi-signature wallet designated by Mantle, which has first priority lien and security interest. Aave will also allocate an additional amount, including 5% of Aave protocol revenue and Aave tokens with a market cap of at least $11 million, as collateral, to the designated wallet or multi-signature SAFE. Mantle will hold the keys to this wallet or SAFE.

2. Default events: If a default occurs, including nonpayment, bankruptcy of the borrower, violation of loan terms, etc., the loan will immediately mature and must be repaid.

3. Other protections: Mantle will be delegated 130,000 Aave tokens to participate in governance and voting within the Aave community.

6. Ethena (specific details not disclosed)

Ethena has not disclosed specific donation information, only stating:

This week, Ethena has been working closely with affected parties, providing support, and participating in @aave’s DeFi rescue effort related to rsETH.

As part of a broader recovery plan with other ecosystem participants, Ethena’s contribution will be used to restore rsETH’s funding support, to help stakeholders resolve issues in an orderly manner.

Aavethena.

7. Ink Foundation / Tydro (specific details not disclosed)

On April 24, Tydro’s official statement and Ink Foundation have not disclosed specific donations:

Tydro and Ink Foundation are working with @aave and other ecosystem participants to advance DeFi rescue efforts.

These donations aim to help affected parties, support orderly resolution of lender difficulties, and reduce bad debt.

Please stay tuned for further details.

8. Golem Foundation, Golem Project (1,000 ETH, donated)

On April 24, Golem Foundation announced:

Golem Foundation and Golem Factory will donate a total of 1,000 ETH from our treasury to support @aave’s DeFi rescue efforts following the rsETH incident.

This week, we have been working closely with the Aave team to provide support. Our donation will be used to restore rsETH’s funding and help affected stakeholders resolve issues in an orderly manner.

We are pleased to work together with @aave and other ecosystem members to respond to this incident.

DeFi united.

9. Emilio (already donated)

AAVE senior engineer Emilio posted:

I will donate 500 ETH to DeFi United. This is a large portion of my crypto holdings, but some things are more important than money — like Stani, I have been involved in Aave’s development from the start, and my only concern is its success. There are no failures in life, only lessons. We will become stronger.

Aave wins.

10. BGD Labs (250 ETH, pledged)

On April 24, BGD Labs announced a donation of 250 ETH:

BGD will donate 250 ETH to the relief fund coordinated by @aave Labs to address the KelpDAO/LZ vulnerability.

BGD no longer uses Aave, but we support the protocols we helped develop and the efforts by @aave Labs to resolve non-native Aave issues.

Note: BGD Labs is the core development team of Aave.

11. Ernesto (already donated)

BGD Labs co-founder Ernesto announced a donation of 100 ETH:

I will donate 100 ETH to the KelpDAO/LZ vulnerability rescue work coordinated by @aave Labs.

Although I am no longer involved in Aave, I still believe the Aave protocol is vital to the entire DeFi industry. And even if Aave itself was not attacked, the rescue efforts led by @aave Labs are worth supporting.

12. LayerZero (details not disclosed)

On April 26, LayerZero issued a statement of support but did not disclose specifics:

Aave service providers and ecosystem partners have established a recovery fund, funded by pending DAO votes (including Arbitrum governance votes), agreements reached, and successful execution supporting full recovery of rsETH.

We are DeFi United, and solving the problems faced by affected users and the broader DeFi ecosystem is our top priority.

We have reached technical agreement with @KelpDAO and @LayerZero_Core on the necessary steps for execution.

Work is currently underway.

Thanks to everyone contributing to DeFi United, and to the thousands of community members standing with us. The unity of the DeFi community is inspiring.

Final recovery plans, user steps, and updates will be released soon.

13. Frax (details not disclosed)

On April 24, Frax issued a statement of support but did not disclose specifics:

As a partner and long-term ally of Aave V4, Frax has today directly communicated with @aave to assist with the rsETH incident. Although Frax was not directly affected, we will work with DeFi United to jointly maintain the stability of the Aave market and the entire DeFi ecosystem.

Conclusion

With joint efforts from multiple parties, the $292 million hole caused by the Kelp DAO hack has been filled by 84.11%, leaving about 15.89% (roughly $46.41 million) still to be filled.

For the entire DeFi sector, this DeFi United action demonstrates industry-wide confidence and determination to support each other, and the DeFi ecosystem is expected to fully recover from this black swan event.