Mantle tokenholders approve 30K ETH Aave credit facility after rsETH exploit

AI Impact AnalysisxAI Grok · medium Confidence

TL;DR

DirectionBullish — Mantle passes proposal for 30,000 ETH credit line on Aave.

Affected Assets

ETHMNT

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Buy the dip

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Source: Aave The Mantle credit facility would address the shortfall that also created liquidity stress across Aave’s lending markets. Galaxy Research said in a Thursday report that the rsETH exploit pushed Aave’s Wrapped Ether (WETH) market into a prolonged squeeze, with WETH utilization staying above 99% for 12.7 days after the incident. “Across the full analysis horizon, WETH utilization stayed structurally elevated and close to the 100% ceiling, with an average around 99.6% and only easing to about 98.47% by the end of the snapshot period,” Galaxy said. Related: Aave asks Arbitrum to send 30K ETH from Kelp exploiter to ‘DeFi United’ High utilization means most of the supplied asset has already been borrowed, leaving little idle liquidity available for immediate withdrawals. In Aave’s case, Galaxy said the WETH market remained strained because supply contracted faster than borrows declined, keeping utilization near full capacity even after the initial shock. 30-day WETH utilization rate chart. Source: Aavescan The market has since cooled from the near-100% levels described in Galaxy’s analysis. Aavescan data showed Aave’s Ethereum V3 WETH market at about 91.6% utilization on Friday, with roughly 2.02 million WETH supplied and 1.85 million WETH borrowed. Magazine: North Korea denies crypto hacks, Upbit’s bank tests Ripple: Asia Express More on the subject

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