As a follow-up on the previous communication, we can confirm that the unpause of v3 pools is still programmed to happen today between 14:00 and 15:00 UTC (in ~1-2h).
The exact hour is not predictable, as it depends on operational aspects of the Aave Guardian and verification procedures, but we will keep updating the community here.
Following the plan, tomorrow Aave v2 Ethereum will be unpaused, during the UTC morning, depending on operational coordination with the Guardian.
Additionally, as disclosed on [ARFC] - Authorizing Use of Grace Sentinel - #6 by ChaosLabs, the risk providers have recommended a 3 hours liquidations grace period for the WETH asset, during which users with WETH collateral or borrowings will be able to repay or refill their positions, without getting liquidated.
Given the operational aspects surrounding the Guardian, these 3 hours could be slightly higher or lower. We recommend all WETH holders follow our update in this forum, especially tomorrow morning UTC.
As an update to the community, the liquidations grace period on Aave v2 Ethereum has been set by Guardian to 14:30 UTC, slightly more than the 3 hours recommended by risk providers from now.
Unpause of v2 Ethereum will follow, which will mean that v2 Ethereum will be fully operational again, but users with WETH will have a 3-hour grace period to protect their positions.
Iām sorry if this has been properly explained, but I want to make sure I understand what will happen (after everything is resolved) to preexisting loans with stable rates on v3.
As far as I understand from the proposals executed, after the unfreezing the already existing loans with stable rates have only the options to be repayed or switched (to a variable rate loan).
Will the loans stay like that permanently until users do either of those for the totality of the borrowed amount? Or will any other action be taken without user interaction at some point? (like switching to variable rate).
As of right now, evidence shows that @antheezy was NOT liquidated during the pause, and thus we believe there should be no compensation in this regard.
Hello @Links. Currently, stable rate opened positions are not affected by any of the steps taken, but they canāt be increased (borrowing more) or new ones created; they can only be repaid or switched to variable, as you point out.
Any further measure will depend on governance, but from a technical perspective our opinion is that having asymmetric features is not ideal, and we will study the case in the upcoming days.
Can you show me where MATIC was correcting last week? According to coingecko it was up only and had no major correction which could have led to a liquidation, unless your HF was very low anyway.
Go to the related section. follow the governance guidelines.
Donāt mix maintaining order with censorship, this forum will not tolerate chaos but every opinion, and every proposal following the guidelines are welcomed.
From white-hackerās perspective/experience, I donāt think there will be significant funds (>$100K) at risk.
All they had to do was to switch off stable mode and protocol teams are quite vigilant, compared to normal users.
The next technical step will be the publication of the postmortem in the near future, a complex technical issue like this one requires quite some time & resources to establish a report on, so please be patient for this publication.
On the governance side, the ARFC to compensate the Whitehat that protected the protocol and its users will also be published in the near future.
We would like to express our gratitude to @bgdlabs for coordinating and fixing this issue, which resulted in the best possible outcome.