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WebsCrypto—News—Business News—DeFi Giant Aave, Freezes Markets and Limits Lending to Reduce Risk
Business News

DeFi Giant Aave, Freezes Markets and Limits Lending to Reduce Risk

By Simon LawsonDecember 1, 2022
DeFi Giant Aave, Freezes Markets and Limits Lending to Reduce Risk
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DeFi protocols Aave and Compound have implemented new security measures in light of the ongoing volatility in the crypto market.

On Sunday, Aave executed a proposal to freeze the market for 17 different assets in the Aave V2 lending pool on the Ethereum network, including Yearn.Finance (YFI), Curve DAO (CRV), Gemini Dollar (GUSD), Maker (MKR ) and 1inch (1INCH) tokens.

According to DeFi Llama, two crypto lending protocols, Aave and Compound, account for $3.7 billion and $1.7 billion of the total value locked in the DeFi ecosystem, respectively.

They have all seen huge downside swings over the past month. Assets on the Aave platform are down 31% compared to a month ago. Meanwhile, Compound is down 26% over the past 30 days.

“DeFi protocols are being battle-tested, which highlights how communities can implement new parameters to enhance risk-mitigating factors in a rapidly evolving and volatile market environment,” Aave founder and CEO Stani Kulechov told Decrypt.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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