Aave unpauses V2 and V3 markets after addressing critical security bug

Aave mentioned its V2 and V3 markets are operational after a short lived pause earlier within the month because of security issues.

The lending protocol reopened operations on its V2 protocol earlier as we speak, Nov. 13, saying:

“All Aave V2 markets are now operational. Security of the Aave Protocol is a non-negotiable priority for the community. We appreciate the patience and support during this time, continue to follow Governance for a postmortem in due course.”

On Nov. 12, the decentralized protocol resumed operations for its V3 markets on numerous blockchains, together with Optimism, Arbitrum, Avalanche, and Polygon. “Affected Aave V3 markets have been unpaused by the Community Guardian following governance proposal execution,” Aave mentioned.

Earlier within the month, Aave paused sure operations of its V2 protocol on Ethereum (ETH) and froze unnamed belongings on its V3 on Polygon, Arbitrum, and Optimism. On the time, the protocol explained that the actions have been taken as a safety measure as a result of it obtained “a report on the Aave bug bounty program about a high vulnerability affecting Aave v2, which afterward was raised to a critical.”

After efficiently addressing the bug, Aave customers can now use the platform for numerous actions, together with depositing, repaying, initiating, or closing mortgage positions.

In the meantime, the non permanent suspension of Aave’s actions because of a vulnerability aligns with the broader pattern within the blockchain and crypto business, the place entities more and more prioritize security measures to safeguard their platforms. A latest instance is Perpetual Protocol, which awarded a $10,000 bounty to white hat hackers for uncovering a $32 million vulnerability in its system.

Aave is without doubt one of the largest decentralized finance initiatives inside the business. The whole worth of belongings locked on the protocol at the moment exceeds $6 billion, in accordance with DeFillama data.

Information from CryptoSlate additional exhibits that security concern scares didn’t negatively impression the AAVE token, up greater than 50% over the previous 30 days. It’s buying and selling for $96.21 as of press time.

Posted In: Aave, DeFi, Outage

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