- Aave V2 iteration on Polygon has suffered a brief halt.
- AAVE’s shopping for strain has climbed within the final week.
Aave’s [AAVE] V2 iteration on Layer 2 (L2) community Polygon [MATIC] suffered a brief halt attributable to a bug on 19 Might. This prevented Aave V2 Polygon customers from interacting with Wrapped Ether [wETH], Tether [USDT], Wrapped Bitcoin [WBTC], or Wrapped Matic [WMATIC] swimming pools on the protocol, inflicting belongings price about $110 million to be caught.
.@AaveAave the most recent improve of ReserveInterestRateStrategy in Aave V2 (Polygon) has brought on a brief halt of the protocol, impacting belongings price ~$110M!
The foundation trigger is the brand new ReserveInterestRateStrategy is just suitable with Ethereum, not suitable with Polygon. https://t.co/kg5696QNPo pic.twitter.com/Ze3zSBS8Ck— BlockSec (@BlockSecTeam) May 19, 2023
Is your portfolio inexperienced? Verify AAVE Revenue Calculator
In a proposal posted on the protocol’s governance web page on the identical day, this drawback was brought on by a discrepancy between the V2 model used on Aave v2 Polygon (and Avalanche) and the model deployed on Ethereum [ETH].
Particularly, there’s a distinction within the interface utilized by the LendingPool to name the speed technique of an asset. The rate of interest methods carried out for these belongings adhere to the interface of Aave V2 Ethereum however not V2 Polygon. In consequence, when the LendingPool tries to retrieve the present fee technique, this motion fails, and any subsequent actions depending on it, akin to deposits or borrowing, additionally fail.
On 16 Might, when an rate of interest curve patch was utilized to all Aave V2 deployments, the variations in interfaces weren’t accounted for, culminating in a halt of the Polygon deployment on 19 Might.
In response to the brand new proposal, Aave DAO’s approval is being hunted for code modifications particularly focused at fixing the difficulty within the Polygon model. The voting course of for this proposal is ready to begin on 20 Might and can stay open till 23 Might.
AAVE has seen development within the final week
At press time, AAVE traded at $64.98 at press time. In response to knowledge from CoinMarketCap, the governance token’s worth has rallied by 5% within the final week.
The expansion in worth has been attributable to a surge in AAVE’s community exercise throughout this era. In response to knowledge from Santiment, the rely of each day addresses buying and selling the alt has since grown by 31%.
Learn Aave’s [AAVE] Value Prediction 2023-24
Likewise, there was an uptick in new demand for the token because the rely of recent addresses created each day to commerce AAVE has climbed by 30% within the final week.
Though key momentum indicators rested under their respective heart strains, they remained in an uptrend, suggesting that purchasing momentum was growing.
Supply: AAVE/USDT on TradingView
