Aave Community Supports Freezing 17 Pools Over Volatility Risks
Decentralized lending platform Aave has supported an initiative to temporarily freeze 17 pools due to risks associated with underlying assets. According to the voting page, over 536,000 AAVE supported in favor of the initiative, while 2 AAVE objected the proposal.
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The initiative proposed freezing the following markets: YFI, CRV, ZRX, MANA, 1inch, BAT, sUSD, ENJ, GUSD, AMPL, RAI, USDP, LUSD, xSUSHI, DPI, renFIL, and MKR markets on Aave V2 ETH. The summary of the proposal says:
“Given that the market situation of these assets is currently volatile, out of an abundance of caution, we recommend temporarily freezing the following markets.”
The move comes a few days after the crypto community of MakerDAO, an issuer of a multi-collateralized stablecoin DAI, supported a proposal to remove the tokenized version of bitcoin issuer by Ren Protocol, renBTC, from its reserves of collateral assets.
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MakerDAO said in a forum post that the reason behind the move is the uncertainty, which significantly increased for the Ren project after Alameda Research went bankrupt. RenBTC is a wrapped version of bitcoin (EXANTE: Bitcoin) developed by Ren Protocol, which was acquired by Alameda Research in early 2021.
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