Aave rescue operation "DeFi United" raises $300 million, with Consensys leading the donation of 30,000 ETH

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In the fragmented landscape of Decentralized Finance (DeFi), crises often expose the fragile cracks within the ecosystem. Today, however, an unprecedented hacking storm has ignited a level of unity never before seen in the crypto space. To cover the massive bad debt caused by the Kelp DAO exploit, rescue efforts from various parties continue to expand. Notable entities stepping up to provide financial support include Circle Ventures, the venture capital arm of the USDC issuer, prominent Ethereum developer Consensys, and Ethereum co-founder Joseph Lubin. At the center of this storm is Aave, the largest lending protocol in the DeFi space. Following the chain reaction of losses triggered by the Kelp DAO attack, major institutions and industry leaders have poured in capital and credit commitments to help Aave fill a black hole of over $230 million in bad debt. Circle Ventures Steps In, Ethereum Veteran Donates 30,000 ETH According to official website data, as of Monday, this spontaneous rescue operation, dubbed "DeFi United," has successfully secured over 132,000 ETH (approximately $303 million) in pledged funds. Regarding this joint effort, Circle Ventures posted on social media to show its support, purchasing AAVE tokens directly from the market to absorb selling pressure and mitigate the impact of the hack. The post stated: "Robust DeFi infrastructure doesn't just appear out of thin air. Aave is shaping the future of on-chain finance, and we are committed to supporting this ecosystem and the entire community built around it." On the other hand, Ethereum infrastructure development firm Consensys and its founder, Ethereum co-founder Joseph Lubin, confirmed they would jointly donate up to 30,000 ETH, making it one of the largest contributions to "DeFi United" to date. Aave also confirmed that Sharplink, an ETH reserve company supported by Consensys, will provide strategic advisory services for subsequent reconstruction efforts. Aave Initiates Self-Rescue, Industry Aid Pours In The core of this rescue operation naturally includes Aave's own efforts. According to the latest governance proposal, the Aave DAO will allocate 25,000 ETH as a reconstruction fund. Additionally, Aave founder Stani Kulechov announced he would personally donate 5,000 ETH. Core developers and affiliated organizations within the Aave ecosystem have also contributed generously, donating nearly 1,000 ETH in total. The initiative has also attracted donations from various protocols and platforms: - Liquid staking platform Lido has proposed allocating 2,500 stETH; - Liquid restaking protocol EtherFi is discussing a 5,000 ETH aid plan aimed at protecting user assets and preventing the spread of bad debt in the DeFi ecosystem; - Layer 2 scaling solution Mantle proposed providing a 30,000 ETH credit line; - Legacy lending protocol Compound also proposed donating up to 3,000 ETH. It is worth noting that the forms of aid vary, ranging from unconditional donations and credit lines to direct liquidity injections (deposits). For example: - Bitcoin staking protocol Babylon Foundation intends to deposit $3 million in USDT into Aave; - Liquid restaking protocol Renzo has allocated over $10 million from its treasury; - The Avalanche Foundation, the Solana Foundation, and Tron founder Justin Sun have all made substantial deposits; - Other notable projects that have not yet disclosed specific aid amounts include Ethena, LayerZero, and Frax Finance. An Aave Labs spokesperson stated: "These are the deep relationships Aave has cultivated across the ecosystem over the years. Teams like Consensys and Sharplink have remained in close contact with us throughout the crisis." The catalyst for this crisis was the hacker breaching Kelp DAO’s LayerZero-based cross-chain bridge, minting rsETH tokens out of thin air without asset backing, and then depositing these tokens into the Aave protocol as collateral to borrow real crypto assets, ultimately leaving a staggering amount of bad debt. The rescue fund of over 132,000 ETH is intended to fill this massive funding gap. Although most of the aid funds still require approval through DAO governance votes from each community before they can be officially released, this total mobilization across public chains and protocols fully demonstrates the profound impact this hack has had on the DeFi industry. Regarding this, Ethereum co-founder Joseph Lubin stated: "The Ethereum ecosystem is at its strongest when we work together and move forward as one. 'DeFi United' is the best proof of this: it is a broad and coordinated response aimed at protecting users and safeguarding the infrastructure we have all built together."

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