Aave initially recovered lost tokens for users

Lending platform Aave is working to recover lost tokens for users on the platform.

Aave initially recovered lost tokens for users

DeFi lending protocol Aave began its plan to “rescue” lost tokens for users after the DAO voted overwhelmingly in favor.

Propose states, the first phase will focus on tokens that were mistakenly sent to smart contracts of AAVE, LEND and stkAAVE, UNI and USDT.

The total value of this recovered token is estimated at $2.18 million, according to figures provided by developer Aave – Bored Ghosts Developing Lab.

In which, AAVE accounts for the majority at this stage with more than 29,188 tokens and 107 stkAAVE, worth about 2.16 million USD. The recovered LEND tokens will be converted to AAVE at the rate of 100 LEND : 1AAVE.

Bored Ghosts Developing Labs said the above strategy is a response to a series of requests from the community. The project team is committed to restoring money back to many users.

However, not all lost tokens will be recovered in this process. Only funds worth more than $500 will be supported, due to concerns over costs. Lost tokens sent from wallets of centralized exchanges will also not be included in the plan.

After withdrawal, the tokens will be sent to the distributor’s smart contract. Users can get their tokens back using the same wallet address where they lost their money.

The recovery plan is conducted on smart contracts that help upgrade the Aave ecosystem. These smart contracts can help the project run upgrades, fix bugs and improve the system after they are deployed on the blockchain. These changes only affect certain logical elements in the contract, without interfering with their state.

In addition, Aave is considering expanding to Polygon’s zkEVM.

Synthetic Kyptos

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img