Decentralized finance (DeFi) protocol Aave halted several markets on Nov. 4 after receiving reports of an issue affecting "a certain feature," according to a post on X (formerly Twitter).
The pause affects multiple networks, including Aave V2 Ethereum Market and certain assets on Aave V2 on Avalanche. Additionally, certain assets of Polygon, Arbitrum and Optimism have been frozen.
"Today we received a report of an issue in a certain feature of the Aave Protocol," Aave announced, adding that after validation by community developers, Guardian has taken the following temporary prevention measure (no funds are in risk)".
Aave did not specify which issue or feature caused the problem, nor which assets were affected. Aave's post also highlighted that no funds were at risk in any of its markets.
Today we received a report of an issue regarding a certain feature of the Aave Protocol. After validation by community developers, the guardian has taken the following temporary preventive measure (no funds are at risk):
- Aave (@aave) November 4, 2023
According to the protocol, Aave V3 markets on Ethereum, Base, and Metis are not affected by the issue. Additionally, Aave V2 markets on Polygon and Avalanche have not been affected.
"A governance proposal to restore normal operation of the protocols will be submitted shortly. The detailed post-mortem will be published once the issue is fully resolved," the protocol noted in the thread.
Users who supply or borrow frozen assets can still withdraw and redeem positions, but cannot supply or borrow more assets until the issue is resolved, Aave noted. No action can be taken on paused assets.
There is no indication that the issue has affected the price of Aave's native token, AAVE. At the time of writing, the token is trading at $89.10, down 1.54%, according to CoinMarketCap.
Magazine: Beyond Crypto: Zero-Knowledge Proofs Show Potential from Voting to Finance
Post navigation
