Decentralized finance (DeFi) protocol Aave paused quite a lot of markets on Nov. 4 after receiving experiences of a difficulty affecting “a sure characteristic,” in keeping with a put up on X (previously Twitter).
The pause impacts a number of networks, together with Aave V2 Ethereum Market and sure belongings on Aave V2 on Avalanche. As well as, sure belongings on Polygon, Arbitrum, and Optimism have been frozen.
“Right this moment we obtained a report of a difficulty on a sure characteristic of the Aave Protocol,” Aave introduced, including that After validation by group builders, the guardian has taken the next momentary prevention measure (no funds are in danger).”
Aave didn’t specify what downside or characteristic prompted the difficulty, or which belongings had been affected. Aave’s put up additionally pressured that no funds had been in danger on any of its markets.
Right this moment we obtained a report of a difficulty on a sure characteristic of the Aave Protocol. After validation by group builders, the guardian has taken the next momentary prevention measure (no funds are in danger):
— Aave (@aave) November 4, 2023
In line with the protocol, Aave V3 markets on Ethereum, Base, and Metis should not impacted by the difficulty. Moreover, Aave V2 markets on Polygon and Avalanche haven’t been affected.
“A governance proposal to revive the traditional operation of the protocols will likely be submitted shortly. Detailed postmortem will likely be launched as soon as the difficulty is absolutely resolved,” the protocol famous within the thread.
Customers supplying or borrowing from frozen belongings can nonetheless withdraw and repay positions, however cannot provide or borrow additional belongings till the difficulty is resolved, Aave famous. No motion could be taken on paused belongings.
There isn’t any indication that the difficulty has affected the value of Aave’s native token, AAVE. On the time of writing, the token is buying and selling at $89.10, down 1.54%, in keeping with CoinMarketCap.