Aave establishes a recovery fund to facilitate full redemption of rsETH, launching an execution plan in collaboration with KelpDAO and LayerZero

Odaily reported that Aave announced that its ecosystem partners and service providers will set up a recovery fund to restore full asset backing for rsETH. This plan has taken into account pending Aave DAO governance votes (including Arbitrum governance proposals), indicative protocols, and subsequent successful execution. Aave stated that it has reached consensus with KelpDAO and LayerZero on the technical steps needed to implement the recovery plan, and relevant work is currently underway. Addressing issues faced by affected users and maintaining the broader DeFi ecosystem’s stability are the top priorities at present. The final recovery plan, user operation procedures, and further updates will be announced soon.