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Following
AAVE Aave plans to remove 75 markets in multiple deployments
The adjustment involves approximately US$98.1 million in supply assets and debt. Six blockchain deployments will face a comprehensive exit plan.
Aave governance has proposed a proposal to remove less utilized assets and reduce the scale of operations on multiple blockchain networks. The proposal will affect 75 asset markets, including 50 reserve assets with low adoption rates and 21 expired Pendle principal tokens. These changes involved approximately $98.1 million in supply assets and $15.6 million in outstanding obligations.
Aave founder Stani Kulechov announced the plan after risk assessment agency LlamaRisk completed a review. The review follows the risk framework set out in the agreement and aims to establish broader standards for asset listings and future market reviews.
Aave governance proposal plans to shut down six networks
Aave governance proposal recommends ending support for six smaller deployments, including Sonic, Scroll, zkSync, Metis, Soneium and Aptos. These network changes involve 25 additional reserve assets that will be moved out of active support.
Under the proposal, the removal of individual reserve assets involves US$85.3 million in supply assets and US$11.5 million in debt. The full exit would involve another $12.8 million in supply assets and $4.1 million in outstanding loans.
The adjustment targets assets that are no longer worth investing in operating costs, including oracle maintenance, clearing systems and risk monitoring. Aave also plans to remove bridging assets that duplicate native assets, as well as the expired Pendle PT market.
For affected reserve assets, Aave will freeze new activity and reduce supply and borrowing limits. The agreement also plans to increase the reserve factor to encourage users to close existing positions.
Aave governance proposal extends risk management strategy
This Aave governance proposal is proposed in the context of the introduction of a new risk framework after the KelpDAO bridging vulnerability incident. The incident exposed potential distressed debt risks because stolen rsETH was deposited as collateral.
LlamaRisk also proposes replacing some Chainlink price sources with fixed price adapters for riskier assets. The framework will guide future reviews of Aave V3, V4 and Aave Horizon. As of press time, AAVE was trading at approximately $97.44, down 1.18% in 24 hours.
