@MANGEBRANT @aave You can exchange your Aave Eth for Eth on 1 inch with a 1.5% loss
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ralwart
14.2K posts
ralwart
@ralwart1
Decentralization maxi. Decentralize Eth L2s by making them BASED and NATIVE.
Katılım Ekim 2022
338 Takip Edilen218 Takipçiler
@aave I litterly put my life savings in eth and the day after my funds frozen. Must be worlds most unlycky person. I need a update so I know if I will commit suicide or not. 15h with no update. Please write something
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The rsETH markets on Aave V3 and Aave V4 have been frozen. Aave's contracts have not been exploited and this is an exploit related to rsETH.
The freeze follows an exploit of the Kelp DAO rsETH bridge. Freezing the rsETH markets prevents new deposits and borrowing against rsETH collateral while the situation is assessed.
We are reviewing information about rsETH borrows on Aave that occurred after the exploit and will share more details as soon as possible.
If the protocol accumulates bad debt from this incident, we'll explore paths to offset the deficit.
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@DjalmaFranco4 @aave Because the eth is being autowrapped if you deposit it so it can be treated as ERC 20. wrapped Eth is genuine Eth. The issue is not coming from weth.
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Update on rsETH incident:
According to our analysis, rsETH on Ethereum mainnet is fully backed.
Out of an abundance of caution, rsETH remains frozen across Aave V3 and V4 and exposure to the incident is capped.
WETH reserves also remain frozen across affected markets including Ethereum, Arbitrum, Base, Mantle, and Linea.
Aave is actively validating information and assessing potential resolutions.
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@WEB3_WINNER @aave Because those are safety mechanisms programmed into the smart contract. You can program a smartcontract any way you want. Decentralization has different levels.
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@1980Florent @aave The issue was created on L2. Not on mainnet. And the pools are seperated you even get less yield on L1 becsude the risk is lower... There is 0 reason why L1 should be dragged into this mess.
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@aave This is a a bit shabby statement indicating that priority is being given to Ethereum mainnet over L2 markets in a stressed scenario. Users deserved EXPLICIT transparency on market hierarchy, loss allocation, and withdrawal priority BEFORE this happened, not AFTER...
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@realJoJo @justinsuntron Clearly you dont comprehend how it works. There are many validators a coordination on that scale is simply not practical would be easier for the BTC miners to freeze and burn BTC than for Eth to do the same.
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@justinsuntron Let's talk? North Korean never talk. I am surprised ETH validators never stepped and burn those stolen funds in the name of 'Muh decentralization'.
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OK — Kelpdao hacker, how much you want? Let’s just talk. With KelpDAO’s help, of course. It’s simply not worth it to sacrifice both Aave and KelpDAO and let them go down over this hack. You can’t spend $300 million anyway.
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@vegaslunaa @cryptolimbo There is a self custody staking mechanism its called running a validator.
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@cryptolimbo ethereum bridges getting hacked is nothing new..
maybe one day everyone will get sick of it
and demand secure bridge technologies,
and self-custody staking mechanisms too .
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Feel bad for the $AAVE team honestly.
They did everything right:
Clean contracts.
Proper audits.
Tight risk framework.
Umbrella safety module live and funded.
And still got caught holding $196M of bad debt because a bridge they don't control got drained.
Building in DeFi in 2026 means your attack surface includes every protocol you decided to trust.
No amount of internal rigor saves you from external fragility.
Hard game.
Limbo@cryptolimbo
Kelp DAO got drained for $292M yesterday. Biggest DeFi hack of the year. Aave didn't get touched. Their contracts are fine. But someone used the stolen $rsETH as collateral on Aave to borrow $wETH against it, and now Aave is sitting on $196M of bad debt. $6.6 billion exited Aave in a few hours. wETH utilization hit 100%. The protocol froze. $AAVE down more than 20%. That's two nine figure DeFi hacks in 18 days. $600M+ gone in April alone.
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@AdrianoFeria I underestimated his incompetence, I won't lie. I thought the deregulation and reining in Gary Gensler and bringing out pro-crypto legislation would actually be a good thing, which it was, but if you look at the entire package, he's kind of a loser and pretty incompetent.
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I always knew Trump was a charlatan, but I approached his second term with optimism.
Regardless, I tried to warn crypto bros, many of them within Ethereum communities, that Trump was dangerous and treacherous, and that his campaign was filled with empty promises. I got a lot of flak for it, and it no doubt it hurt my follower count.
Yet, here we are, with MAGA finally waking up to the reality that it was always about putting Trump first, not really America. I'm just glad that people are finally snapping out of his cult of personality.
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@ErikUnchained I'm not even against ICE in principle, but the practice is pretty shitty too aggressive, especially against people that didn't actually do anything. Also, if you are against pedophiles and traffickers, how can you support Trump and his Epstein friends.
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I STAND WITH ICE.
If you don’t, you’re basically rooting for pedophiles and traffickers to stay. Pick a side. 🇺🇸”
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@moo9000 @bogdanoffi @Etherealize_io Many of those 1000 have never produced a block. The top 100 is practically all that matters. And from them the top 20 have the control. Plus Solana is boosting those numbers with subsidies..
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@bogdanoffi @Etherealize_io 1000 from Solana is no joke either.
For many definitions, it is very decentralised.
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Fun fact: Ethereum has the highest economic security in terms of staked value, AND the most validator nodes AND the most home stakers* out of all top smart contract chains.
Here's a simple image for reference.
Ethereum: 8,200+
Solana: 1,144
Sui: 114
Cardano: 2,990
BSC: 45
Tron: 27
Note: Home stakers are defined here as validator nodes being hosted on a residential connection, instead of a datacenter/cloud provider. I'm not referring to independent node operators (non-institutions/companies), which exist on other chains as well (albeit in small numbers).
Other fun findings:
1. Sui only appears to have 1 independent validator operator (out of 114): @CryptoNelrann
2. Tron also only has 1 (out of 27): @CryptoGuyInZA but his validator is also hosted in AWS (Ohio), hence the 0% home stakers.
3. Even though BSC has 45 active validators only 21 are selected per Epoch to produce blocks.
4. Couldn't find the breakdown for Cardano. Maybe @IOHK_Charles can chime in.
Excluding Ethereum, it appears the validator set of every top smart contract chain is basically just a bunch of crypto companies (CEXs, VCs, staking providers) running nodes in data centers/cloud.
For any serious institution looking to leverage blockchain technology that prioritizes security and decentralization, then Ethereum is the only logical choice.
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@bogdanoffi @Etherealize_io looks like homestakers on Ethereum are much more prevalent than people assumed lol. I knew it.
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@eth_everstake @everstake_pool @terencechain @trent_vanepps @0xtanishk @nero_eth @nixorokish @superphiz @dankrad @AdrianoFeria @hedge__x If its know which validator proposes ahead of time (how much time?) isnt that a security issue that would increase attack opportunities ?
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Big change coming to Ethereum consensus: EIP-7917 is officially scheduled for the Fusaka hard fork.
Let’s break down what it means, why it matters, and how it changes the beacon chain forever👇
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Introducing Miden, the Edge Blockchain.
Today, we announce our $25 million seed fundraise and spinout from @0xPolygon.
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I would love for the Miden team (or Polygon team) to share a rationale for their pivot from L2 to L1 for the spinout.
When nothing's said publicly, people will always assume it was done for the worst reasons.
Miden@0xMiden
Introducing Miden, the Edge Blockchain. Today, we announce our $25 million seed fundraise and spinout from @0xPolygon.
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Blobs now burn 15% of Ethereum L1's burn rate with strong upward momentum
$ETH is evolving from just serving the L1 to being the center of the Ethereum ecosystem with lots of L2s contributing economic bandwidth & burning $ETH
All while the market is fading it
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@BurtRock69 On some L2s Aave has significantly cheaper borrowing rates for USDC. So I actually increased my Eth position L2.
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At this point why even use L2s? Just go back to mainnet it’s cheap af.
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"But ETH should really be valued as a SOV. Because if it delivers on its mission to be the base layer of the global financial system, and it is the collateral asset of that system, it will become a store of value."
Case closed.
Sanjay Shah ⚡️@sanjaypshah
The way I see it is that Ethereum is special, because it has NO competition. Yes there are other L1 chains. But Eth has something special. - It was entirely community funded (no VC’s). - It started as PoW, so it’s very decentralized. Those two traits are basically impossible for other L1 chains (now or in the future) to replicate. And that decentralization is what you need for trillion dollar industry to build on top of your chain. There's a reason blackrock is building on ETH. Sure you can trade memecoins on other L1s. But memecoins are neither serious nor valuable, and that’s not what Ethereum is going after. Will Ethereum still win if it does nothing? Of course not. It needs to scale the L1, deliver on its roadmap etc. But it has a MASSIVE moat against the other players. Faster / cheaper L1s today are not a threat to what Ethereum is really going after - the global financial system. Regarding value accrual - that’s just the narrative right now, and people are too focused on that. But ETH should really be valued as a SOV. Because if it delivers on its mission to be the base layer of the global financial system, and it is the collateral asset of that system, it will become a store of value.
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@SoosMate @materkel This was the plan all along. For the sake of decentralization. We have multiple entities funding development not just EF, in 5 years Eth will be at a level where EF is not needed. Without staking and slashing you cant have decentralized system. A valuable Eth is not optional.
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@materkel “Ongoing development” is ending. EF is obviously running out of funds in 5-10 years. And absolutely nobody is interested in investing into its development at any reasonable rate. Some companies have made >3B and are refusing to put in even 100M. Tragedy of the commons
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A hot take on "Ethereum in the age of AOL", or why electricity is just infrastructure, even if it had a primary use-case (light bulbs) many years ago.
msoos.org/2025/03/ethere…
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Oh it absolutely can, but I obviously don't think it will (ETH going down while Ethereum grows 100x). E.g. I see Ethereum growing 10000x while ETH only grows a 100x from here 😉
Without ETH having value and "existing" we wouldn't have been able to kickstart and fund its ongoing development to the point where it can fund itself mostly organically, especially as it is needed to secure the network. It's also vitally important we have a native asset powering the DeFi economy. Without ETH there would be no DeFi, which basically is the whole point.
I know this is somehow controversial, but I just don't think it makes sense to have a token detached from its economy (like Bitcoin) as this has centralizing forces that are dangerous to the network itself longterm.
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@materkel I agree with some of what you are saying. Nevertheless I think (hope?) ETH can go down in value while the Ethereum ecosystem can easily grow 100x. But for that to happen we do need to decouple some things (e.g. staking). I think the native currency was a crutch ☺️
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@pet3rpan_ I am still for based and native rollups because that would make L2s more secure reliable and decentralized.
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The less you try to capture value, the more value you often end up accruing
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