DeFi United Relief Fund Update: Over 100,000 ETH Raised

BlockBeats News, April 26th, the DeFi United ecosystem rescue operation led by Aave continues to make progress. The Arbitrum DAO has released 30,765 ETH that were frozen after the rsETH incident on April 18th. The designated donation address has received a total of 100,360 ETH so far, to be used 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 spread. The funds will be used to support recovering the collateral ratio and gradually normalizing the market in coordination with relevant protocols.

The current major commitments or participants include: the Arbitrum DAO releasing 30,765 ETH frozen after the rsETH incident on April 18th, Mantle intending to contribute 30,000 ETH, AaveDAO intending to contribute 25,000 ETH, Aave founder Stani Kulechov has confirmed to provide 5,000 ETH, EtherFi intends to provide 5,000 ETH, Lido intends to provide 2,500 stETH, Golem Foundation and related projects totaling 1,000 ETH, and more. In addition, LayerZero, Ethena, Frax Finance, Ink Foundation, and others have confirmed participation, but specific amounts have not been disclosed.

It is important to note that the progress of this relief effort still relies on various external key conditions, including KelpDAO's restoration of rsETH redemption, and the release of frozen assets by the Arbitrum Security Council, among others. There is still uncertainty regarding the overall recovery timeline and effectiveness.