Consensys and Joseph Lubin Pledge 30,000 ETH to DeFi United
On Monday, Ethereum development studio Consensys and founder Joseph Lubin jointly announced a contribution of 30,000 ETH to DeFi United, a coordinated effort to cover losses from the Kelp DAO exploit, according to Aave’s announcement on social media. This contribution represents one of the largest offerings as part of the ongoing relief effort.
Circle Ventures, the venture arm of USDC stablecoin issuer Circle, also announced support by purchasing AAVE tokens to help alleviate the negative impacts caused by the recent exploit. “Strong DeFi infrastructure does not build itself,” Circle Ventures stated. “Aave is helping to shape the future of onchain finance, and we’re backing that ecosystem and the entire community built around it.”
DeFi United Surpasses $300 Million Target
With the latest contributions from Consensys and Lubin, the DeFi United effort has now raised more than 132,000 ETH worth over $300 million, according to the DeFi United website. Aave noted that the contributions represent “a substantial component of the broader DeFi United effort to restore rsETH’s backing and normalize market conditions.”
Consensys-backed Ethereum treasury firm Sharplink will also provide strategic advice as part of the relief effort, Aave said.
Background: The Kelp DAO Exploit
The contributions are directed toward closing the shortfall caused by an exploit in which an attacker minted unbacked rsETH through a compromised LayerZero bridge and used it as collateral on Aave to borrow real assets, leaving the protocol with bad debt.
Additional Contributors and Proposals
Last week, Aave service providers proposed contributing 25,000 ETH worth nearly $58 million from the protocol’s DAO to DeFi United. At that time, DeFi United had raised roughly $235 million worth of Ethereum, according to reports.
Other contributors have included:
- Lido DAO: Proposed up to 2,500 ETH
- Ether.fi: Proposed up to 5,000 ETH
- Kelp: Pledged 2,000 ETH
Dozens of unnamed individuals have also contributed smaller amounts of ETH and stablecoins. According to X user DCF GOD, assuming all proposals pass, the shortfall had already been filled as of last week.
DeFi Market Context
According to data from The Block, total value locked on DeFi protocols now sits at approximately $82 billion, down over 25% from the $110 billion seen at the start of the year.
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