Aave to Phase Out Underused Assets, Some Blockchain Deployments in Move Affecting $98.1 Million

Aave, the decentralized finance lending protocol, plans to gradually wind down underused assets and services operating on some blockchains.

BlockBeats reported on July 30 that Aave founder Stani Kulechov announced, after a broad review, that the protocol will sequentially end support for 50 low-usage asset reserves.

Aave also plans to phase out protocol deployments on Sonic (S), Scroll (SCR), zkSync (ZK) and Aptos (APT). A total of 25 asset reserves on those blockchain networks are included in the wind-down.

Expired Pendle (PENDLE) principal token, or PT, assets will also be removed from the list of supported assets. Existing expired assets will be replaced with PT assets carrying new maturity dates.

The changes affect $98.1 million in assets and $15.6 million in loans.

Aave said it will continue assessing risks tied to blockchain deployment environments and supported assets.