In the early morning of November 5, an issue related to a certain feature of the Aave protocol was discovered. Fortunately, there has been no property damage.
There is a problem with a feature of the Aave protocol
According to an announcement shared on X, the Aave (AAVE) protocol said community developers have confirmed the reported issue. At the time of writing, Aave’s development team said they are investigating and have not yet announced what the specific issue is.
Today, we received issue reports regarding certain features of the Aave protocol. As verified by community developers, the guardian has taken the following temporary precautionary measures (there is no risk to funds):
— Avey (@aave) November 4, 2023
However, it seems that the Aave protocol has also encountered the above problems. Ethereum Aave v2 Market. To ensure safety and avoid possible property damage, the Group has taken a series of preventive measures, such as:
- The Ethereum Aave v2 market is temporarily suspended.
- Suspending certain assets on Aave v2 on Avalanche.
- Freeze certain assets on Polygon, Arbitrum, and Optimism on Aave v3.
The group said that as assets were temporarily frozen as a result of the incident, those who provided or borrowed these assets could still withdraw and repay their positions normally. The only difference is that they won’t be able to provide or borrow more money until this problem is fully resolved. Users are currently unable to perform any operations on suspended assets.
Despite the issues, the team also stressed that the Aave v3 markets on Ethereum, Base and Metis, and the Aave v2 markets on Polygon and Avalanche are not affected. To reassure users, the team stated that after the Aave protocol incident, fortunately, there were no risks or property losses in any Aave market.
Governance proposals to restore normal operations to the protocol will be submitted soon. During this time, the team will conduct assessments to find issues. Details of the issue will be released once it is fully resolved.