Overview
- DeFi United published a step-by-step recovery plan Tuesday to refill rsETH’s backing by converting committed ETH into rsETH in tranches and depositing it into the affected lockbox.
- The plan calls for controlled liquidations of eight positions on Aave and similar action on Compound, using a temporary rsETH oracle price adjustment to unwind loans and recover about 13,000 ETH on Aave and roughly 16,776 ETH on Compound.
- Funding commitments stand near 132,650 ETH worth about $303 million, with major pledges from Consensys and Joseph Lubin up to 30,000 ETH, a proposed 30,000 ETH credit line from Mantle, and a 5,000 ETH personal pledge from Aave founder Stani Kulechov, though many contributions remain conditional.
- Key approvals are still pending, including an Aave vote to pause token buybacks starting April 28, a proposal to allocate 25,000 ETH from the Aave DAO treasury, and an Aave request for Arbitrum governance to redirect 30,765 ETH frozen by its Security Council to the recovery address.
- Several markets remain frozen until execution finishes, while outside support continues as the Solana Foundation supplies USDT on Aave and brings the AAVE token to Solana, and Circle Ventures buys AAVE, with the goal of easing liquidity so affected users can withdraw once settings are restored.