Solana Prepares to Help Aave in Its Time of Need – They Have Made an Official Announcement

But a major support for the Solana Foundation has been from the DeFi ecosystem, as recovery in the region continues after the KelpDAO-related rsETH crisis. The foundation said it will help the recovery efforts by donating $USDT to the Aave platform for the first time.

Lily Liu, President of the Solana Foundation, said ‘This is not just to support Aave but also for the overall health of DeFi ecosystem. Liu added, “Economies are not isolated from one another.” all DeFi needs to be healthy, so that Solana is healthy enough for the . Paraphrast.

The announcement says the Solana Foundation is participating in a large-scale rescue program called “DeFi United” by lending its $USDT reserves to Aave for the first time. This program previously sought to close the rsETH collateral gap with a proposed 25,000 $ETH contribution from the Aave DAO and support of several ecosystem players.

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Liu said that they would not be just supporting liquidity, saying the AAVE token will also be delivered to the Solana network this weekend.

In a way you may recall, the security breach on the rsETH bridge led to billions of dollars in outflows from Aave (some pools were 100% used and created significant “non-performing loan” risks for the protocol). Recent efforts by the Arbitrum Security Council and support from the DeFi United program, albeit to a lesser extent, are helping restore confidence in markets with $70 million worth of $ETH restored.

*This is not investment advice.

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