Aave unpauses V2 and V3 markets after addressing critical security bug

cyptouser4 weeks agoCryptocurrencies News32

Aave said its V2 and V3 markets are operational after a temporary pause earlier in the month due to security concerns.

The lending protocol reopened operations on its V2 protocol earlier today, Nov. 13, saying:

“All Aave V2 markets are now operational. Security of the Aave Protocol is a non-negotiable priority for the community. We appreciate the patience and support during this time, continue to follow Governance for a postmortem in due course.”

On Nov. 12, the decentralized protocol resumed operations for its V3 markets on various blockchains, including Optimism, Arbitrum, Avalanche, and Polygon. “Affected Aave V3 markets have been unpaused by the Community Guardian following governance proposal execution,” Aave said.

Earlier in the month, Aave paused certain operations of its V2 protocol on Ethereum (ETH) and froze unnamed assets on its V3 on Polygon, Arbitrum, and Optimism. At the time, the protocol explained that the actions were taken as a preventive measure because it received “a report on the Aave bug bounty program about a high vulnerability affecting Aave v2, which afterward was raised to a critical.”

After successfully addressing the bug, Aave users can now use the platform for various actions, including depositing, repaying, initiating, or closing loan positions.

Meanwhile, the temporary suspension of Aave’s activities due to a vulnerability aligns with the broader trend in the blockchain and crypto industry, where entities increasingly prioritize security measures to safeguard their platforms. A recent example is Perpetual Protocol, which awarded a $10,000 bounty to white hat hackers for uncovering a $32 million vulnerability in its system.

Aave is one of the largest decentralized finance projects within the industry. The total value of assets locked on the protocol currently exceeds $6 billion, according to DeFillama data.

Data from CryptoSlate further shows that security concern scares did not negatively impact the AAVE token, up more than 50% over the past 30 days. It is trading for $96.21 as of press time.

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