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Crypto
Aave joins DeFi partners to address $292 million KelpDAO hack
Aave has begun a joint recovery effort with major cryptocurrency firms under the slogan “DeFi United” to stabilise the DeFi lending market after a $292 million hack. The initiative focuses on covering the collateral shortfall for hacked rsETH. The incident stemmed from a vulnerability in KelpDAO’s LayerZero integration, enabling the minting of unbacked rsETH and borrowing of about $190 million in assets. Aave’s total value locked fell by $10 billion after the attack.
Crypto
Lido DAO proposes $20 million buyback to support LDO after 95 percent drop
Lido DAO has proposed buying back its governance token LDO by deploying up to 10,000 stETH, a plan reported by CoinDesk. The Lido ecosystem operating team said LDO is trading at a historically depressed valuation and suggested purchases worth about $20 million, based on an ether price of around $2,000. The key issue is how to execute the trades. The proposal allows routing via centralised exchanges and cooperation with market makers.
Crypto
Lido launches EarnUSD, unveils USDT and USDC-based stablecoin vault
Liquid staking protocol Lido has launched EarnUSD, its first stablecoin vault, The Block reported on Wednesday. EarnUSD uses USDC and USDT and mixes conservative lending positions with higher-yield strategies to generate returns, allowing users to earn compound gains via an EarnUSD token. Lido is also rolling out EarnETH, which allocates unETH, WETH and stETH across DeFi protocols. Lido DAO said it will commit $5 million of its own assets to the Earn vaults and cover losses if problems arise.
