DeFi United raised over 300 million dollars

Circle Ventures, Consensys, and Joseph Lubin announced their support for the DeFi United initiative, aimed at mitigating the losses caused by the Kelp DAO vulnerability. Circle Ventures is supporting the ecosystem by purchasing AAVE tokens. Consensys and Ethereum co-founder Joseph Lubin confirmed that they will provide 30,000 ETH to DeFi United. Currently, DeFi United has raised over 132,000 ETH, with a total value exceeding 300 million dollars.

The related funds will be used to compensate for the bad debts caused by attackers minting uncollateralized rsETH through the LayerZero bridge and borrowing assets on Aave. Previously, Aave proposed to donate 25,000 ETH, while Lido DAO, Ether.fi, and Kelp also proposed or committed to donate 2,500 ETH, 5,000 ETH, and 2,000 ETH, respectively.