Aave founder Stani Kulechov said the DeFi United recovery fund has reached the level needed to fully back rsETH, subject to pending votes, indicative agreements, and successful execution, after a wave of new commitments over the weekend pushed the coalition past an initial 163,200 ETH shortfall.
The milestone caps a frenetic stretch since the April 18 KelpDAO bridge exploit, which drained 152,577 rsETH from Kelp's LayerZero bridge adapter and saddled Aave with between $123.7 million and $230.1 million in bad debt, depending on how Kelp ultimately allocates losses across rsETH holders.
Consensys, the company behind MetaMask, and Ethereum co-founder Joe Lubin have committed up to 30,000 ETH to the recovery effort, with Nasdaq-listed Sharplink joining in an advisory capacity, according to a press release viewed by The Defiant. The contribution is structured to make funds available immediately while standard governance processes for other contributors run in parallel.
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