Aave temporarily freezes lending markets to fend off further attacks

cointelegraph.com

Aave temporarily freezes lending markets to fend off further attacks

cointelegraph.com

Kapow@exploding-heads.comM to

Crypto - DeFi@exploding-heads.com · 2 years ago

The proposal was passed to reduce the risk for Aave version 2 and promote the eventual migration to version 3.

The assets included in the list are Yearn Finance (YFI), Curve Finance (CRV), 0x (ZRX), Decentraland MANA, 1inch (1INCH), Basic Attention Token (BAT), Enjin (ENJ), Ampleforth (AMPL), DeFi Pulse Index (DPI), RENFIL, Maker and xSUSHI.

Apart from these, the protocol also suspended the following stablecoins: sUSD, USDP, LUSD, GUSD and RAI. With the assets frozen, users cannot take loans on the assets or deposit their assets to the protocol.

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Decentralized Finance (DeFi) is an alternative to traditional financial services. More specifically, DeFi consists of smart contracts, which, in turn, power decentralized applications (DApps) and protocols.

Many of the initial DeFi applications were built on Ethereum, and the majority of the ecosystem’s total value locked (TVL) remains concentrated there.

Here are some of the ways people are engaging with DeFi today:

Lending: Lend out your crypto and earn interest and rewards every minute - not once per month.
Getting a loan: Obtain a loan instantly without filling in paperwork, including extremely short-term “flash loans” that traditional financial institutions don’t offer.
Trading: Make peer-to-peer trades of certain crypto assets — as if you could buy and sell stocks without any kind of brokerage.
Saving for the future: Put some of your crypto into savings account alternatives and earn better interest rates than you’d typically get from a bank.
Buying derivatives: Make long or short bets on certain assets. Think of these as the crypto version of stock options or futures contracts.

WARNING: Investing in NFTs, cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and these links and discussions are not recommendations by Exploding Heads or the writer to invest in NFTs, cryptocurrencies or other ICOs.

Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Exploding Heads makes no representations or warranties as to the accuracy or timeliness of the information contained herein.

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