Kelp DAO has finalized its recovery plan after a $292 million exploit that compromised rsETH tokens on its Ethereum bridge. The final batch of 20,373.72 rsETH was sent to the LayerZero OFT adapter, restoring normal operations including minting, redemptions, and staking rewards. The exploit involved a forged LayerZero packet that allowed the attacker to release tokens and use them as collateral on Aave, causing wider DeFi lending issues. With the recovery complete, Kelp now monitors the system and provides transparency via a public dashboard.
Babylon Labs proposed an Aave V4 integration enabling borrowing against native Bitcoin collateral directly on the Bitcoin network, avoiding wrapped BTC, bridges, and custodians. The system uses Taproot-based vault scripts and introduces a non-transfe...
Aave founder Stani Kulechov outlined a 12-month plan focusing on diversifying revenue streams, expanding the GHO stablecoin, and enhancing the Aave App to benefit AAVE token holders. The protocol has generated $141 million in revenue recently, driven...
A $292 million exploit linked to LayerZero revealed significant security flaws in cross-chain bridges, prompting institutional investors to reduce exposure to weaker bridge systems. This led to a $2 billion rotation of liquidity towards more secure i...
Plasma, a Layer-1 blockchain built specifically for stablecoin payments and backed by Tether and Founders Fund, has quickly become the second largest destination for USDT0 stablecoin transfers, accumulating over $27 billion in inflows since its mainn...
MetaMask and Aave have partnered to allow MetaMask Card holders to spend Aave's yield-bearing aUSDC directly at any Mastercard-accepting merchant globally. The system converts only the amount needed at the point of sale, letting the rest of the balan...
