Decentralized finance (DeFi) protocol Aave paused a lot of markets on Nov. 4 after receiving experiences of a problem affecting “a sure function,” in accordance with a publish on X (previously Twitter).
The pause impacts a number of networks, together with Aave V2 Ethereum Market and sure property on Aave V2 on Avalanche. As well as, sure property on Polygon, Arbitrum, and Optimism have been frozen.
“Right now we acquired a report of a problem on a sure function of the Aave Protocol,” Aave introduced, including that After validation by group builders, the guardian has taken the next short-term prevention measure (no funds are in danger).”
Right now we acquired a report of a problem on a sure function of the Aave Protocol. After validation by group builders, the guardian has taken the next short-term prevention measure (no funds are in danger):
— Aave (@aave) November 4, 2023
Aave didn’t specify what drawback or function brought on the difficulty, or which property had been affected. Aave’s publish additionally careworn that no funds had been in danger on any of its markets.
In accordance with the protocol, Aave V3 markets on Ethereum, Base, and Metis will not be impacted by the difficulty. Moreover, Aave V2 markets on Polygon and Avalanche haven’t been affected.
“A governance proposal to revive the traditional operation of the protocols will likely be submitted shortly. Detailed postmortem will likely be launched as soon as the difficulty is absolutely resolved,” the protocol famous within the thread.
Customers supplying or borrowing from frozen property can nonetheless withdraw and repay positions, however cannot provide or borrow additional property till the difficulty is resolved, Aave famous. No motion might be taken on paused property.
There is no such thing as a indication that the difficulty has affected the value of Aave’s native token, AAVE. On the time of writing, the token is buying and selling at $89.10, down 1.54%, in accordance with CoinMarketCap.
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