⚡ Aave @aave has just released the recovery plan for rsETH, and the response speed is very fast! In summary, there are the following measures:
1) DeFi United has already secured enough ETH commitments to restore the full backing of rsETH.
Subsequently, ETH will be converted into rsETH in batches and then transferred to the affected bridge lockbox to return rsETH to a normal redemption state.
2) Aave plans to use a governance proposal to specifically clear the positions of the attackers.
The clearing method is quite special: the rsETH oracle price will be temporarily adjusted to trigger controlled liquidations of eight positions (Ethereum Core + Arbitrum);
After liquidation, 13,000 ETH worth of rsETH will be collateralized to DeFi United's multi-signature, then it will go to Kelp to redeem ETH normally, offsetting bad debts.
The attacking positions on Compound will also be handled similarly, with an estimated recovery of about 16,776 ETH worth of funds on the Compound side.
After liquidation, the oracle and configuration will be restored, with no permanent changes to the protocol.
3) Until the recovery is complete, the WETH and rsETH reserves on Ethereum Core, Arbitrum, Base, Mantle, and Linea will continue to be frozen.
Overall, Aave is still quite responsible this time; the design of the plan ensures full support for rsETH + clearance of bad debts, and essentially can achieve a social loss of 0.
This will surely become a milestone event of community unity in DeFi history!
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