DeFi United Relief Update: 69,589 ETH Raised, Multisig Collaboration to Fill rsETH Shortfall

BlockBeats News, April 25th: The DeFi United ecosystem rescue initiative led by Aave continues to advance. The designated donation address has raised a total of 69,589 ETH to address the collateral deficit caused by the rsETH incident on April 18th.

The plan aims to restore the rsETH backed asset through multi-party collaboration, stabilize the market, and prevent cross-protocol default contagion. The funds will be used to support collateral ratio recovery and gradually promote market normalization in coordination with relevant protocols.

The current major commitments or participants include: Mantle with a proposed contribution of 30,000 ETH, AaveDAO with a proposed contribution of 25,000 ETH, Aave founder Stani Kulechov has confirmed a donation of 5,000 ETH, EtherFi intends to provide 5,000 ETH, Lido plans to provide 2,500 stETH, Golem Foundation and related projects a total of 1,000 ETH, among others.
In addition, LayerZero, Ethena, Frax Finance, Ink Foundation, and others have also confirmed their participation, but specific amounts have not been disclosed.

It is important to note that the progress of this rescue still depends on several external key conditions, including KelpDAO's rsETH redemption restoration and the release of frozen assets by the Arbitrum Security Council. The overall recovery timeline and outcome remain uncertain.