I borrowed this morning and supplied, but I didn't switch my borrow until now...and it won't let me
Future Crypto Feed
--
Aave Votes to Halt Lending on Polygon PoS Chain, Potentially Impacting Over $300 Million in TVL
The $AAVE community has voted to cease its lending operations on Polygon's $POL Proof-of-Stake (PoS) chain, a decision that could lead to a significant reduction in Polygon's Total Value Locked (TVL) by over $300 million. This move comes in response to security concerns surrounding Polygon's proposed use of more than $1 billion in bridged stablecoin assets for yield generation. Marc Zeller, founder of the Aave Chan Initiative, spearheaded the proposal to withdraw Aave's lending services from Polygon's PoS chain. The proposal aims to mitigate potential security risks associated with bridged assets, which have historically been vulnerable to exploits. Zeller emphasized the need to protect Aave users from possible vulnerabilities, citing past bridge-related incidents that resulted in substantial losses within the decentralized finance (DeFi) ecosystem. This development follows a broader trend of protocols reassessing their operations on Polygon. Recently, Lido announced the phase-out of its staking services on the Polygon PoS chain, citing challenges such as limited user demand. These collective actions underscore the importance of robust security measures and risk assessments in maintaining the integrity and trustworthiness of DeFi platforms. How do you think Aave's decision will impact the future of lending protocols on Polygon's PoS chain? Source: The Block
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.See T&Cs.