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Aave token-holders vote on proposals to reshape exposure to CRV

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TL;DR Breakdown

  • The Aave community is currently taking active measures to mitigate its protocol’s exposure to the Curve DAO token (CRV), with two distinct proposals up for voting.
  • The crux of the situation revolves around Egorov, who had utilized a substantial portion of CRV’s overall market capitalization, equivalent to over 30%, as collateral to secure loans amounting to nearly $60 million via Aave v2.

Description

The Aave community is currently taking active measures to mitigate its protocol’s exposure to the Curve DAO token (CRV), with two distinct proposals up for voting as of August 10th. This strategic move aims to curtail the potential risks posed to the lending protocol by the significant borrowing position held by Michael Egorov, the founder … Read more

The Aave community is currently taking active measures to mitigate its protocol’s exposure to the Curve DAO token (CRV), with two distinct proposals up for voting as of August 10th. This strategic move aims to curtail the potential risks posed to the lending protocol by the significant borrowing position held by Michael Egorov, the founder of Curve Finance.

Curve DAO token, often referred to as CRV, stands as the proprietary token of the decentralized finance (DeFi) protocol known as Curve Finance. The crux of the situation revolves around Egorov, who had utilized a substantial portion of CRV’s overall market capitalization, equivalent to over 30%, as collateral to secure loans amounting to nearly $60 million via Aave v2. However, the value of CRV faced a downturn following a security breach on July 30th, rendering Egorov’s position susceptible to liquidation.

Within this context, Aave token-holders have been given the authority to partake in voting on two specific proposals, a window that remains open until August 12th. The first proposal aims to slash the liquidation threshold for CRV on Aave v2 by 6%, potentially subjecting user accounts to liquidation under specific conditions. The second proposal, on the other hand, advocates for the cessation of CRV borrowing on both Ethereum and Polygon v3, effectively disallowing the use of Aave’s platform to engage in shorting CRV.

Aave community voting

At the time of writing, the votes cast for these proposals have exceeded 571,000, with an overwhelming 100% of the token holders voicing their support for measures to limit Aave’s exposure to CRV.

In addition to the aforementioned proposals, a third one is also being subjected to a community vote, concluding on August 11th. Initiated by Aave Chan founder Marc Zeller, this proposal proposes that the Aave Treasury allocate $2 million for the purchase of CRV tokens directly from Curve. Zeller contends that such an action would serve as a signal of the broader DeFi community’s commitment to the ecosystem’s health. At the time of writing, the voting data reflects 62.91% of participants favoring the proposed purchase, while 37.09% hold opposing views.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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