Aave DAO will consider security patches after market freeze on November 4th


A consortium of Aave contributors and web3 developers have put forward a proposal to address vulnerabilities discovered in two versions of DeFi’s largest lending protocol that caused a partial market halt.

BGD Labs’ proposal proposes changes to Aave v2 deployments on Ethereum and Aave v3 on the Arbitrum, Avalanche, Optimism and Polygon blockchains. If supported by the protocol community, proposal Stable borrowing parameters set for tokens with stable debt will be updated.

In addition, Aave will stop minting new stable debt tokens to provide additional security for its DeFi lending services. Voting is scheduled to open to Aave DAO members at 10:35 pm UTC on November 7th and close on November 10th.

The proposed changes are in response to an attack vector discovered by white hat actors on November 4. Aave took immediate steps to contain the issue and alerted the community, adding that funds were not at risk.

Some of the measures taken to mitigate any possible losses include suspensions, freezes and bans on stable lending on affected assets.

Aave is the most liquid decentralized lender with over $5.5 billion in total value locked according to DefiLlama data. Back in July 2023, the protocol launched its algorithmic stablecoin GHO, which was hailed as a competitor to Maker’s DAI token.

Aave DAO also expressed high expectations for revenue in the second half of 2023 after the price of the protocol’s native token AAVE rose sharply.

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