Cover photo

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.

Consensys and Joseph Lubin have committed up to 30,000 ETH in financial support toward the DeFi United rsETH recovery effort. SharpLink is also participating in a strategic advisory capacity. The contribution is particularly significant given that the 30,765.67 ETH frozen by the Arbitrum Security Council will not be liquid for approximately 49 days pending governance approval.

The rsETH backing shortfall is now effectively covered by a combination of previously announced and newly confirmed commitments. These include contributions from Aave DAO, Lido, EtherFi, Ethena, Mantle, and Compound Finance, which committed 3,000 ETH. The Babylon Foundation is also depositing 3 million USDT into Aave, and Tron is depositing 20 million USDT into Aave to assist with liquidity. The stablecoin deposits have helped ease utilization rates slightly, allowing USDT lenders to begin withdrawing.


Sponsored by

post image

EarnUSD is a stablecoin vault by Lido for earning transparent, onchain USD-denominated rewards. Get started today at stake.lido.fi/earn


Disclaimer: Content is for informational purposes only, not endorsement or investment advice. The accuracy of information is not guaranteed.