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Aave Community Decides to Halt ETH Borrowing During Merge

Aave Community Decides to Halt ETH Borrowing During Merge

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  • The plan to temporarily stop ETH borrowing paid off with 96.18% in favor.
  • Voters have used approximately 214 thousand AAVE to approve the proposal.

After the vote, the Aave community decided to stop lending Ethereum immediately until the merge. Due to the significant dangers of lending Ethereum (ETH) on Ghost after the Merge and Ethereum hard fork, the community has voted to stop ETH lending.

The temporary suspension of ETH lending was voted on in the Aave community governance vote between August 30th and September 2nd. The plan to temporarily suspend ETH borrowing and pay 60 AAVE tokens has considerable support, with 96.18% in favor.

Avoiding difficult situations

The options, which receive 3.07%, 0.13% and 0.62% of the votes respectively, are to temporarily suspend ETH lending and determine the token fee in a separate proposal, stop ETH lending and not vote.

To avoid the proxy proposal, the community has agreed to freeze the ETH loan and transfer 60 AAVE from Aave’s coffers to MakerDAO. In fact, voters have used about 214 thousand AAVEs to approve the proposal.

According to Aaven, people can take advantage of the new ETHW token. This can be done by borrowing ETH before merging and using it for inappropriate things. This could lead to a huge demand for Ethereum (ETH) on Ghost right before the merge. It can also lead to negative liquidations and annual percentage returns. There is a greater chance that Aave will go bankrupt as a result.

After voting and accepting the proposal to temporarily suspend ETH lending on Aave, the community has taken all necessary precautions. Aave DAO has also accepted a request to participate in the Ethereum Merge. However, the lending platform has rejected all Ethereum hard forks.

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