Smithy @software_smithy

100% rebacking of rseth with no haircut 0 bad debt on any aave instances on any chain No liquidations apart from North Korea Kumbaya defi energy restored They’re calling it kulechov mode

Stani @StaniKulechov

3 months ago

The recovery fund has now been reached for the purpose of fully backing rsETH, subject to pending votes, indicative agreements, and successful execution.

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Smithy @software_smithy

3 months ago

@StaniKulechov Looks like they said 30000, but still goat

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Aave is my life's work and we're working nonstop to find the best possible outcome for users. I’m personally contributing 5000 ETH to DeFi United as we continue working together with partners on formalizing more commitments. I’m working to see this resolved and market conditions normalized as soon as possible. DeFi United.

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Smithy @software_smithy

3 months ago

@EsamTrading @aave @grok Even grok don’t know yet. Waiting for Kelp decision

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Smithy @software_smithy

3 months ago

This point of view is beneficial for AAVE’s survival, but it’s not really fair. All the stolen (aka fraudulent) stETH are on the ethereum network. stETH on every other chain are legit and never was stolen. It must be redeemed 1-to-1 with ETH from Kelp. If AAVE want to treat stolen stETH as real stETH it means that ETH reserves at Kelp is not enough and redeem price drops to 0.85. But this is illegal to fully redeem stETH on ethereum but not on other chain. Kelp ToS never stated that stETH redeem price depend on chain.

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Smithy @software_smithy

3 months ago

I’m sure there is not point in blaming anyone. This is complex situation and every protocol and user bear the responsibility in some extent. But I’m sure it’s not fair to put all the loss on one group of people because it’s profitable for another group. I’m ready to lose some of my Eth deposit on Ink chain. But I’m sure L1 users also was accepting some risks when depositing Eth on the ethereum chain to AAVE.

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Smithy @software_smithy

3 months ago

@Layss65 @KelpDAO I believe it’s because when hacker unlocked more rsEth on L1, he deluted rsEth supply and dropped the echange rate of rsEth to ETH on any chain. rsEth on every chain should have the same rate by Kelp design.