MantleCore drafts MIP-34 offering Aave DAO 30k ETH at LIDO+1% APR to cover rsETH exploit bad debt, collects 130k AAVE in voting power
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Promote with Leviathan NewsMantleCore just dropped MIP-34: Mantle Treasury would lend Aave DAO up to 30k ETH at LIDO+1% APR for 36 months to patch the April 18 rsETH bridge exploit bad debt on Aave V3. Aave posts 5% of protocol revenue plus $11M in AAVE as collateral, and delegates 130k AAVE voting power to Mantle โ effectively turning a rescue loan into a governance stake. Still in discussion, no formal vote yet.
TLDR by @Benthic
More coverage
- [PASSED] MIP-34: Strategic Credit Facility for Aave DAO (rsETH ... (forum.mantle.xyz)
- Mantlecore submits MIP-34 proposal to provide a 30,000 ETH loan ... (binance.com)
- Mantle Weighs 30,000 ETH Loan to Aave DAO MantleCore has ... (x.com)
- Mantle Proposes 30K $ETH Loan to Aave After $292M Kelp Exploit (coinmarketcap.com)
- The KelpDAO rsETH Exploit: $292M Minted From a 1-of-1 Bridge (defiprime.com)
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