Summary
- LayerZero said it will join DeFi United, a joint recovery initiative formed after the Kelp DAO hack, to help restore collateral backing for rsETH.
- LayerZero said it will contribute 5,000 ETH to DeFi United and deposit an additional 5,000 ETH to bolster liquidity on Aave.
- LayerZero said it also plans additional measures to expand GHO stablecoin liquidity.
Forecast Trend Report by Period
LayerZero, a cross-chain interoperability protocol, has joined a joint recovery initiative formed after the Kelp DAO hack and pledged funding to support the effort.
The Block reported on April 28 that LayerZero will contribute 5,000 Ether to DeFi United and deposit another 5,000 ETH to bolster liquidity on Aave.
At an Ether price of about $2,300, the total commitment is worth roughly $23 million.
DeFi United was formed by major industry projects to help restore collateral backing for rsETH, an Ethereum restaking token, after the roughly $292 million Kelp DAO exploit on April 18. LayerZero had previously been identified as infrastructure where some of the vulnerabilities used in the attack were exploited.
LayerZero also plans additional measures to expand liquidity for GHO, Aave's native stablecoin.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
