Consensys and Ethereum co-founder Joseph Lubin have confirmed they will contribute 30,000 ETH to DeFi United, a coordinated relief effort addressing losses from the Kelp DAO exploit. According to Aave’s Monday announcement, this represents one of the largest offerings in the ongoing initiative, which has now raised more than 132,000 ETH worth over $300 million.
Circle Ventures and AAVE Token Support
Circle Ventures, the venture capital arm of USDC stablecoin issuer Circle, announced it is purchasing AAVE tokens to help alleviate the negative impacts of the recent exploit. “Strong DeFi infrastructure does not build itself,” Circle Ventures said in a social media post. “Aave is helping to shape the future of onchain finance, and we’re backing that ecosystem and the entire community built around it.”
The Kelp DAO Exploit and Recovery Mechanism
The DeFi United effort aims to restore rsETH’s backing and normalize market conditions following an attack in which an attacker minted unbacked rsETH through a compromised LayerZero bridge and used it as collateral on Aave to borrow real assets, leaving the protocol with bad debt. Consensys-backed Ethereum treasury firm Sharplink will also provide strategic advice as part of the recovery, according to Aave.
“Their contributions are a substantial component of the broader DeFi United effort to restore rsETH’s backing and normalize market conditions, and the recovery would not be progressing as it is without them,” Aave posted Monday.
Other Major Contributors
Aave service providers have proposed contributing 25,000 ETH (worth nearly $58 million) from the protocol’s DAO to DeFi United. Lido DAO and Ether.fi have proposed contributions of up to 2,500 ETH and 5,000 ETH, respectively. Kelp has pledged 2,000 ETH. As of Monday, the initiative had raised roughly $235 million worth of Ethereum before the Consensys and Lubin contributions. Dozens of unnamed individuals have also contributed smaller amounts of ETH and stablecoins.
Broader DeFi Market Context
Data from The Block shows that total value locked on DeFi protocols now sits at approximately $82 billion, down over 25% from the $110 billion seen at the start of the year.
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