The $293 million KelpDAO hack on April 18 has left Aave, rsETH holders, and the wider DeFi ecosystem staring at a hole nobody quite knows how to fill.
But on Sunday, DeFiLlama co-founder 0xngmi laid out three realistic options on the table and ran the numbers on each.
Three Scenarios, None of Them Clean
0xngmi’s first option is to spread the pain. According to them, if KelpDAO socializes losses across all users, it would work out to an 18.5% haircut. There are some 666,000 rsETH sitting across Aave deployments, and most mainnet positions are looped close to the maximum loan-to-value ratio (LTV), so 0xngmi’s model assumes they are essentially at liquidation.
Wiping out all equity in those positions leaves roughly $216 million in bad debt, and Aave’s Umbrella ETH coverage would absorb $55 million of that, while the protocol’s treasury could cover another $85 million, which would leave a gap of about $76 million. To close it, 0xngmi suggested that Aave could either take out a loan
We współpracy z: https://cryptopotato.com/defillama-co-founder-suggests-3-paths-to-resolve-293m-kelpdao-hack-fallout/
