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.
Mantle, an Ethereum L2, published a governance proposal offering a loan of up to 30,000 ETH to Aave DAO to help address bad debt from the KelpDAO LayerZero exploit. The loan would carry a variable interest rate of the Lido staking yield rate plus 1% APR, with a maturity of up to 36 months and early repayment permitted without penalty.
The loan allows the Mantle Treasury to receive yield to generate a positive risk-adjusted return on unallocated treasury assets, with proceeds directed toward MNT burns or ecosystem funding. Mantle would also be delegated 130,000 AAVE tokens for governance participation during the loan period. The proposal is currently open for community discussion ahead of a formal Snapshot vote. The Aave v3 Mantle WETH market currently faces the largest estimated bad debt among all impacted markets.
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Ethereum Security QF Round Goes Live
A $1M quadratic funding round backs ~100 Ethereum and L2 security projects on Giveth, with a 500 ETH match from TheDAO Security Fund.
The $1 million Ethereum Security quadratic funding round is now live on Giveth, featuring about 100 projects improving Ethereum and L2 security. TheDAO Security Fund, which launched earlier this year to support Ethereum security, is allocating a 500 ETH matching pool. Quadratic funding amplifies donations made by Human Passport-verified users. The round is hosted on Giveth, marking the largest QF round on the platform to date.
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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.
Aave service providers have launched a deficit relief initiative called DeFi United, designed to fully cover the underbacked rsETH liquid staking token from KelpDAO. The initiative includes contribution pledges from several ecosystem projects: EtherFi has committed 5,000 ETH, Lido 2,500 ETH, and Golem 1,000 ETH.
Aave founder Stani Kulechov also personally pledged 5,000 ETH (approximately $11.6 million), emphasizing that Aave represents his life's work. Additional participants, including Ethena, Ink Foundation, Tydro, and LayerZero, have announced participation, though have not specified their contribution amounts.
The rsETH asset is facing an estimated shortfall of 118,000 ETH following the KelpDAO exploit executed by the DPRK. Arbitrum also recovered 30,000 ETH connected to the exploit, which could be directed toward DeFi United. 75,700 ETH has already been swapped by the DPRK via THORChain. Kulechov called for THORChain to contribute the roughly $450,000 in swap fees generated from those transactions to support DeFi United.
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Disclaimer: Content is for informational purposes only, not endorsement or investment advice. The accuracy of information is not guaranteed.