defi-united

kelpdao

KelpDAO rsETH Is Now Fully Restored

The final tranche of rsETH has been deployed into the LayerZero lockbox. rsETH is now fully restored and operating.

kelpdao

KelpDAO Resumes rsETH Withdrawals Following Recovery Operation

KelpDAO and Aave unpause rsETH withdrawals, bridging, and claims as rsETH is fully backed thanks to funds raised from DeFi United.

kelpdao

KelpDAO rsETH Recovery Enters Final Stage

Kelp and Aave burn the seized rsETH on Arbitrum as the 117,132 rsETH deficit is refilled and withdrawals prepare to reopen.

governance

Judge Clears ArbitrumDAO To Transfer Frozen ETH To Aave LLC

The judge signed an order clearing ArbitrumDAO to vote on transferring 30,765 frozen ETH to Aave LLC for the rsETH recovery effort.

aave

Mantle DAO Approves Aave Loan

Mantle DAO authorized its treasury to lend up to 30,000 ETH to Aave DAO to help cover bad debt from the April 18 KelpDAO LayerZero exploit.

aave

Aave Fights Back For DeFi Users

Aave LLC filed an emergency motion to vacate Gerstein Harrow's restraining notice and is requesting a $300M bond if the notice stands, defending DeFi United's recovery for KelpDAO victims.

kelpdao

Law Firm Aims To Claim KelpDAO Victims' Funds

Gerstein Harrow LLP filed a restraining notice against Arbitrum DAO seeking to seize 30,766 ETH frozen from the KelpDAO exploit, citing a DPRK-linked default judgment.

defi-united

DeFi United Explained: The rsETH Recovery Plan

A backgrounder on the coordinated industry effort to restore the backing of KelpDAO's rsETH following the April 18 LayerZero bridge exploit, now fully executed.

news

#935 - Protocol Institute Introduced, LayerZero 5k ETH For DeFi United, Recovery Plan

The Summer of Protocols relaunches as the Protocol Institute and Aave publishes the DeFi United technical implementation plan.

aave

Aave Publishes DeFi United Technical Implementation

Aave published its technical implementation plan for DeFi United, a coordinated effort to recover the backing of KelpDAO's rsETH LST.

layerzero

LayerZero Contributes 5,000 ETH To DeFi United

LayerZero is contributing 5,000 ETH to DeFi United's recovery effort.

news

#934 - DeFi United Secures Funds, Consensys Commits 30k ETH, Bitmine 5M ETH

DeFi United secures funds to restore rsETH backing. Consensys and Joseph Lubin commit 30,000 ETH. And Bitmine crosses 5 million ETH.

aave

Consensys And Joseph Lubin Commit 30,000 ETH To DeFi United

Consensys and Joseph Lubin pledge up to 30,000 ETH, and SharpLink joins as a strategic advisor, to DeFi United.

aave

DeFi United Secures Sufficient Funds To Restore rsETH Backing

Stani Kulechov confirms DeFi United has the funds to fully restore rsETH backing, pending governance votes.

news

#933 - Aave 25k ETH For DeFi United, EF aWETH-wstETH Swap, Polymarket Chain Migration

The Aave DAO proposes a 25,000 ETH contribution to DeFi United. The EF swaps 21,269 aWETH for wstETH. And Polymarket plans a chain migration.

ethereum-foundation

Ethereum Foundation Swaps aWETH For wstETH

The 21,269 aWETH-to-wstETH swap reduces Lido EarnETH's WETH debt on Aave by ~20,000 WETH after the KelpDAO exploit drove utilization to peak levels.

aave

Aave DAO Offers To Contribute 25,000 ETH To DeFi United

The Aave DAO offers a 25,000 ETH contribution to the DeFi United Relief Vehicle for KelpDAO's rsETH following a 75,081 ETH residual shortfall.

news

#932 - DeFi United For rsETH, Mantle Aave Loan, Ethereum Security QF Round

Ecosystem projects rally to cover rsETH's shortfall. Mantle offers Aave DAO a 30,000 ETH loan facility. And a $1M Ethereum Security QF round goes live.

mantle

Mantle Extends Loan Facility To Aave DAO

Mantle offers a loan facility to the Aave DAO of up to 30,000 ETH at variable APY for 36 months, aimed at mitigating impact from rsETH.

defi

DeFi United Relief Vehicle For rsETH

Aave service providers pledge 13,500+ ETH toward covering rsETH's 118,000 ETH shortfall from the KelpDAO exploit.

defi-united

Lido Offers 2,500 stETH To rsETH Relief Vehicle

news

#931 - Circle Proposal For Aave, Road To Devcon 8, Fluid aWETH Redemptions On L2

Circle proposes a USDC rate hike on Aave. The EF announces the Road To Devcon 8 Academic Program. And Fluid extends aWETH redemptions to L2.

fluid

Fluid Extends aWETH Redemption Protocol To L2

Aave users on Arbitrum and Base can now swap their frozen aWETH collateral for wstETH or weETH.

news

#930 - Arbitrum KelpDAO Recovery, Base Azul Upgrade, Coinbase Quantum Paper

Arbitrum's Security Council freezes $71M tied to the KelpDAO exploit. Base's Azul upgrade introduces multiproofs. Optimism launches Privacy Boost.

news

Arbitrum Freezes 30,766 ETH From KelpDAO Exploiter

The Arbitrum Security Council executed an emergency upgrade to freeze $71M in ETH tied to the KelpDAO exploit, briefly modifying an inbox contract to impersonate the exploiter.

news

#929 - KelpDAO And LayerZero Exploit, Aave Freeze, Fluid aWETH Redemptions

KelpDAO's $290M LayerZero bridge exploit impacts Aave markets. Fluid enables aWETH redemptions. LayerZero attributes the attack to RPC poisoning.

news

Fluid Launches aWETH Redemption Protocol

Fluid is letting Aave lenders swap aWETH collateral for wstETH or weETH at a cost of approximately 2% amid frozen Aave markets.

news

LayerZero RPC-Poisoning Attack

LayerZero attributed the KelpDAO exploit to an RPC-poisoning attack by the TraderTraitor subgroup of North Korea's Lazarus Group.

news

Aave Freezes ETH And LST Markets

Aave disabled rsETH, WETH, and borrowing on all LST and LRT collateral types after the KelpDAO exploit, sending markets to 100% utilization.

news

KelpDAO Loses $290M In LayerZero Bridge Exploit

An attacker released 116,500 rsETH from KelpDAO's bridge contract on Ethereum mainnet without a corresponding burn on L2.