Mantle token holders have approved providing Aave with a 30,000 ETH credit line to address the rsETH exploit incident.
BlockBeats News, May 8th, Mantle token holders have approved a credit line of up to 30,000 ETH (approximately $68 million) to Aave DAO through the MIP-34 proposal. This is intended to help address the potential default issues caused by the April rsETH attack on Aave V3, with estimated defaults ranging from $123.7 million to $230.1 million.
The proposal passed during a seven-day Snapshot vote, authorizing the Mantle Foundation to negotiate with Aave DAO and execute the final loan agreement. The implementation of this credit line is still contingent on Aave carrying out its recovery plan and finalizing the specific terms.
A Galaxy Research report noted that the rsETH attack had put Aave's WETH market under prolonged stress, with the funding rate staying above 99% for 12.7 consecutive days. As of May 8th, the WETH market utilization rate in Aave's Ethereum V3 has dropped to around 91.6%, alleviating some market pressure.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
NEAR Protocol Price Surges Above $5 as Breakout Momentum Builds
Subscription multiplier reaches 4 times! "AI Ring" Oura IPO receives enthusiastic response
Smart ring manufacturer Oura's IPO was oversubscribed by approximately four times, planning to issue 50 million shares at a maximum price of $44 per share, aiming to raise up to $2.2 billions, with a fully diluted valuation of about $15 billions. Against the backdrop of companies like Holtec Nuclear withdrawing their IPO plans due to market conditions, Oura is expected to become the first major IPO in nearly three months to raise over $1 billion, injecting new vitality into the long-dormant U.S. IPO market.
The Bank of Japan's interest rate hike still fails to impress the market! Hedge funds slash yen long positions by nearly 80%, while dollar long positions increase significantly
After the Bank of Japan failed to deliver a clear enough signal of further interest rate hikes to the market, hedge funds have significantly reduced their bullish bets on the yen.
US Treasury yields continue to rise! Cleveland Federal Reserve President: Government and AI compete for funds, fueling rate hike expectations
Cleveland Federal Reserve President Loretta Mester stated on Friday that the recent sustained rise in long-term U.S. Treasury yields is the result of multiple factors working together.
Crypto prices
More
