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Exciting news emerges from the Aave ecosystem as the circulation of the decentralized stablecoin GHO, Aave's native creation, crosses an impressive threshold of 20 million.
AAVE's price began its descent prior to Curve's hack. As the lending protocol gears up to purchase Curve tokens, interest in AAVE wanes further.
AAVE hit a resistance zone and could retreat lower if BTC overstays below the range-low of $29.5k.
Details from the proposal showed that the leading DeFi platform plans to take a strategic step by acquiring CRV tokens using USDT from its treasury.
Led by Marc Zeller of the Aave Chan Initiative, Aave DAO's community governance process has approved a proposal to strategically acquire CRV tokens using USDT from Aave DAO's treasury.
The community behind Aave has voted in favor of a proposal that seeks to use 2 million USDT from the Aave DAO Treasury to acquire 5 million CRV to support the DeFi ecosystem.
On August 11, the Aave community passed an on-chain vote for the "aCRV over-the-counter transaction" proposal, with 57.81% of the votes in favor.
The Aave community has started voting on three crucial proposals that could help significantly reduce the protocol's exposure to Curve Finance's CRV token. Two out of the three proposals in question opened for voting on the 10th of August.
The Aave community is currently taking active measures to mitigate its protocol's exposure to the Curve DAO token (CRV), with two distinct proposals up for voting as of August 10th.
Aave token holders are voting on three proposals that could reshape the protocol's exposure to Curve DAO token.
The proposals, which aim to disable CRV borrowing and decrease Aave's exposure to Curve's native token on its Ethereum V2 markets, are responses to the liquidation pressure faced by Curved founder Michael Egorov.
Aave's Earning Farm, which supports Ethereum (ETH), Wrapped Bitcoin (wBTC), and USDC was hacked and reportedly lost approximately $287,000 in ETH
According to the blockchain security firm, Aave protocol's Earning Farm was compromised by a reentrancy attack on Aug. 9.
PeckShield blockchain security firm shared a warning concerning potential vulnerabilities within the Aave Protocol's Earning Farm. The company shared distressing information paired with a transaction screenshot, suggesting that the Earn Farm on Aave might be under the threat of an exploit known as a "reentrancy hack.
Aave community is set to embark on a pivotal decision-making journey as it prepares for an upcoming online voting session on the "aCRV OTC" proposal.
Aave (AAVE) has indeed emerged as a significant player in the decentralized finance (DeFi) space, providing users with the ability to borrow and lend cryptocurrencies on the Ethereum blockchain. With its native governance token AAVE, the protocol allows users to participate in the governance of the platform and use AAVE tokens as collateral.
Risk exposure of Aave to Curve declines materially as the condition of the protocol improves.
Aave briefly overtook MakerDAO as the second-largest DeFi protocol in terms of TVL following the collapse of Silicon Valley Bank. However, the tides turned following Curve's hack, and it slipped back to third place.
The Aave community has approved the proposal to prohibit additional CRV borrowing, with a 100% support rate. The risk management firm Gauntlet proposes the Aave community to block Curve DAO Token (CRV) borrowing to prevent the liquidation risk of Curve Finance founder Michael Egorov's debt that could trigger a contagion and possibly a DeFi crash.
Aave community has successfully passed an online voting proposal that seeks to "ban the addition of CRV mortgage lending.
AAVE was in a tight bearish grip amidst increasing uncertainty and leverage to sellers.
Given the mechanism of the Aave V2, the recent CRV concentration has impacted the protocol's revenue.
CRV, the governance token of Curve, a decentralized exchange for stablecoins and a key player in the decentralized finance (DeFi) landscape, has impressively recovered, adding 22% after sinking to its August 2023 lows this week. When writing on August 3, CRV is trading at $0.59, rising double digits after dropping to $0.48 on August 1 following a damaging hack that saw liquidity providers in several pools lose funds.
Michael Egorov, the founder of Curve, has sold an additional 7.5 million CRV in an over-the-counter (OTC) transaction and paid a $3 million debt in USDT on Aave
