Blockchain technology has the freedom to leave the decisions about the future of a project to the community of that network itself. Therefore, when a decision is made in a network, users with local crypto of that network actively participate in the process. In this direction, the Aave community voted to cancel the Phantom Integration as a precaution against the recent DeFi attacks.
The recent Solana hot wallet draining has once again reminded people of the importance of hardware wallets. We now know that over 15,000 crypto wallets were affected and roughly $4.6 million was stolen. On the other hand, bridges are often the victims of hacking attacks, as they are still a new technology. In fact, more than $1 billion has been stolen in the last three attacks alone, although blockchain analytics firm Chainalysis has estimated the damage from 13 bridge attacks this year to total close to $2 billion. Aave, on the other hand, learns from these events and recommends that the network pause the new Phantom integration of lending and borrowing protocol.
The details of the proposal are as follows:
“This ARC (the name given to the recommendations in Aave) proposes to freeze the Aave V3 Fantom integration, allowing users to repay and withdraw their debts, but prevents deposits and further borrowing in this market. After the Harmony bridge incident and the recent Nomad bridge exploit, the Aave community did not have any should consider the risks/benefits of holding an active Aave V3 market on Phantom as it is connected to a swap (multi-chain) bridge."
If we take a look at the latest situation in Aave, the following information emerges. At the time of writing, the price of Aave is $99.72 according to CoinGecko data. Aave's last 24-hour trading volume is $109,220,079. Aave price has decreased by -1.4% in the last 24 hours. There is a circulating supply of 14 Million AAVE coins, with a total supply of 16 Million AAVE coins. Binance is currently the most active market for AAVE trading.