Aave Pauses Multiple Markets Due to Reported Issue
The decentralized finance (DeFi) protocol Aave has temporarily paused several markets after receiving reports of an issue affecting a specific feature. The pause impacts various networks, including the Aave V2 Ethereum Market and certain assets on Aave V2 on Avalanche, Polygon, Arbitrum, and Optimism.
Aave did not disclose the exact problem or feature that caused the issue, nor did they specify which assets were affected. However, they emphasized that no funds were at risk on any of their markets.
Unaffected Markets and Temporary Measures
The Aave V3 markets on Ethereum, Base, and Metis have not been impacted by the reported issue. Additionally, Aave V2 markets on Polygon and Avalanche remain unaffected.
The protocol announced that a governance proposal will soon be submitted to restore normal operations. They also mentioned that a detailed postmortem will be released once the issue is fully resolved.
Restricted Activities for Users
While the issue is being addressed, users can still withdraw and repay positions for frozen assets. However, they are unable to supply or borrow additional assets until the problem is resolved. No actions can be taken on paused assets.
No Impact on AAVE Token Price
There is currently no indication that the reported issue has affected the price of Aave’s native token, AAVE. As of now, the token is trading at $89.10, experiencing a 1.54% decrease according to CoinMarketCap.
Hot Take: Temporary Pause Implemented on Aave Markets
Aave has temporarily paused multiple markets following reports of an issue with a particular feature. While specific details about the problem remain undisclosed, Aave assures users that their funds are not at risk. The pause affects various networks, but certain markets on Ethereum, Polygon, and Avalanche remain unaffected. Users can still withdraw and repay positions for frozen assets but are unable to perform additional supply or borrow activities. A governance proposal will be submitted to restore normal operations, and a comprehensive postmortem will be released once the issue is resolved. The incident has not impacted the price of AAVE token so far.
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