Kelp DAO and Aave have successfully burned 17,132 rsETH on Arbitrum, marking a significant step in their recovery efforts following the April 18 hack. This action strengthens the backing of rsETH and allows withdrawals to resume within 24 hours. The recovery process is supported by Aave's DeFi United initiative, which raised 137,000 ETH, equivalent to $317 million, to address the shortfall from the Kelp exploit.
In addition to the burn, Kelp and Aave have implemented enhanced security measures to prevent future breaches. These include a security hardening pass across LayerZero bridging configurations and a planned migration to CCIP. Despite these efforts, market conditions remain cautious, with Aave's total deposits at $27.8 billion, down from $45 billion pre-hack, although stablecoin supply has shown signs of recovery.
Kelp DAO and Aave Burn 17,132 rsETH, Resume Withdrawals
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