flotaq (@flotaq) • Hey
flotaq (@flotaq) • Hey
Publications
- Gensler dans les cordes mdr
- Let's go to zkSync on Lens network
- Discovering Lenspeer, i like that!
- Hello world again! @lensprotocol
- Love the people here
- We want to address the cycle of liquidations that occurred in the CRV pool on the Aave Protocol today. The liquidations were successful (and worked as designed), but unfortunately, the size of the position left some excess debt within the protocol.
A large CRV borrow that had been building up for the last week was mostly cleared by the protocol liquidation process. However, the position was not covered entirely and 2.64M CRV (≈ null.6M at current value) remains. This represents less than 0.1% of the borrows on the protocol.
The Aave ecosystem was built with a number of mechanisms that the Aave community can deploy to cover events like this, including the Safety Module, the Ecosystem Reserve & the DAO Treasury.
In the coming days, we believe the Aave community and its contributors will initiate a discussion in response to this incident.
Community contributor @monetsupply.lens additionally opened a discussion on the governance forum on reviewing long-term asset risk on Aave V2 market
Most importantly, today’s events are in contrast to those we have seen with centralized entities in the space – the transactions were entirely traceable and auditable on-chain, providing transparency for users and the community.
https://governance.aave.com/t/discussion-reducing-long-tail-asset-risk/10748?u=monet-supply
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- Ah shit here we go again...
- Hello world