This ARFC proposes to disable borrows of agEUR on the Aave V3 Polygon market.
Following the recent exploit on Euler, Angle Protocol has announced having $17.6M of USDC deposited into the protocol, leading them to pause the protocol and to uncertainty around the collateralization of agEUR.
agEUR is not listed as collateral on Aave V3 Polygon and is only borrowable, with utilization currently at nearly 100%. Still, we think it is reasonable to disable further asset borrowing as an immediate and temporary measure until the backing is restored 1:1.
We continue to follow the situation closely as it develops and will update recommendations and actions accordingly.
Contract Address: 0xE0B52e49357Fd4DAf2c15e02058DCE6BC0057db4
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