As turmoil continues in the DeFi markets following the KelpDAO-related rsETH crisis, a new sign of recovery has emerged in Aave.
Commenting on the latest developments, Stani Kulechov, the founder of the protocol, stated that intensive work is underway to both reduce losses and rebalance the system.
Kulechov stated that the past few days have been quite busy, with the team prioritizing the protection of user interests and restoring orderly functioning to the markets. According to the statement, the Aave team is working on multiple solutions simultaneously with different stakeholders.
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On the other hand, the Arbitrum Security Council provided an important development that could mitigate the consequences of the crisis. Kulechov stated that approximately $70 million worth of ETH was recovered, which could significantly reduce potential losses.
The founder of Aave stated that throughout the process they focused on solutions rather than blaming others. He said: “The most important thing is to analyze what happened and learn from it, but blaming others will not lead us to a solution.” He also added that the crisis was a crucial turning point not only for Aave, but also for the DeFi ecosystem in general.
*This is not investment advice.