Kelp DAO announced it will migrate its rsETH token to Chainlink's Cross-Chain Interoperability Protocol (CCIP) following a $292 million exploit of its LayerZero-powered bridge in April, which led to the theft of 116,500 rsETH. The stolen tokens were used as collateral on Aave, causing market stress and frozen assets. Kelp DAO disputes LayerZero's claim that the hack was due to a risky 1-of-1 verifier setup, asserting LayerZero approved this configuration and was aware of its use. LayerZero's CEO denies these claims, stating the 1-of-1 setup was not recommended and that rsETH was initially configured with a safer multi-verifier setup. Meanwhile, Aave is seeking court approval to release $71 million in frozen ETH linked to the hack, arguing the funds belong to affected users, not alleged North Korean hackers. This ongoing conflict highlights security challenges in DeFi cross-chain protocols and the legal complexities following major exploits.
Bitwise Asset Management reports that decentralized finance (DeFi) tokens have outperformed Bitcoin recently, defying their usual volatility. This resilience is linked to strong revenue generation from top DeFi protocols like Aave and PancakeSwap, wh...
Cryptocurrency markets display varied price changes, with Bitcoin trading near $62,833, up 0.99%, and Ethereum around $1,744, up 0.24%. Other notable coins like Binance Coin and Avalanche also show modest gains, while some altcoins experience slight ...
Aave Labs has introduced Stable Vaults, a new DeFi product that offers stablecoin depositors predictable, locked yields by smoothing out the volatility of variable lending rates. The system uses an off-chain rebalancer to allocate capital dynamically...
Aave Labs has introduced Stable Vaults, a new product enabling fintech wallets, exchanges, and payment apps to offer yield on stablecoins like USDC, USDT, and GHO without users needing to interact directly with crypto infrastructure. These vaults aut...
Aave Labs founder Stani Kulechov will make an exclusive announcement following the launch of Aave V4 on Ethereum mainnet and the protocol's recovery from a major $8.45 billion withdrawal event. Despite the security exploit earlier this year, Aave dem...
