Consensys and Ethereum co-founder Joseph Lubin have confirmed they will contribute 30,000 ETH to DeFi United, a coordinated relief effort addressing losses from the Kelp DAO exploit. According to Aave’s Monday announcement, this represents one of the largest offerings in the ongoing initiative, which has now raised more than 132,000 ETH worth over $300 million.
Circle Ventures and AAVE Token Support
Circle Ventures, the venture capital arm of USDC stablecoin issuer Circle, announced it is purchasing AAVE tokens to help alleviate the negative impacts of the recent exploit. “Strong DeFi infrastructure does not build itself,” Circle Ventures said in a social media post. “Aave is helping to shape the future of onchain finance, and we’re backing that ecosystem and the entire community built around it.”
The Kelp DAO Exploit and Recovery Mechanism
The DeFi United effort aims to restore rsETH’s backing and normalize market conditions following an attack in which an attacker minted unbacked rsETH through a compromised LayerZero bridge and used it as collateral on Aave to borrow real assets, leaving the protocol with bad debt. Consensys-backed Ethereum treasury firm Sharplink will also provide strategic advice as part of the recovery, according to Aave.
“Their contributions are a substantial component of the broader DeFi United effort to restore rsETH’s backing and normalize market conditions, and the recovery would not be progressing as it is without them,” Aave posted Monday.
Other Major Contributors
Aave service providers have proposed contributing 25,000 ETH (worth nearly $58 million) from the protocol’s DAO to DeFi United. Lido DAO and Ether.fi have proposed contributions of up to 2,500 ETH and 5,000 ETH, respectively. Kelp has pledged 2,000 ETH. As of Monday, the initiative had raised roughly $235 million worth of Ethereum before the Consensys and Lubin contributions. Dozens of unnamed individuals have also contributed smaller amounts of ETH and stablecoins.
Broader DeFi Market Context
Data from The Block shows that total value locked on DeFi protocols now sits at approximately $82 billion, down over 25% from the $110 billion seen at the start of the year.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Remains Below $80K as CryptoQuant CEO Says Futures Drive Market, Spot Demand Lags
Gate News message, April 27 — Bitcoin has remained above $75,000 in recent days but failed to break through the $80,000 resistance level. CryptoQuant CEO Ki Young Ju argued that the current BTC market is primarily driven by futures trading rather than genuine spot demand.
According to Ju's
GateNews15m ago
Rep. Begich Plans to Reintroduce Bitcoin Strategic Reserve Bill as American Reserves Modernization Act
Gate News message, April 27 — Rep. Nick Begich announced plans to reintroduce legislation establishing a strategic bitcoin reserve in the United States within the coming weeks, rebranding his previous "BITCOIN Act" as the American Reserves Modernization Act (ARMA). Speaking at the Bitcoin2026
GateNews1h ago
XRP Futures and Options on CME Group Hit $13 Billion in Q1 2026, Ranking Third After Bitcoin and Ethereum
Gate News message, April 27 — CME Group's Q1 2026 crypto derivatives data shows XRP futures and options notional volume reached $13 billion, positioning it as the third most active contract after Bitcoin ($378 billion) and Ethereum ($155 billion).
Solana led the secondary tier with $21 billion in n
GateNews1h ago
Bitcoin Fills CME Gap at $78,690; Analyst Identifies $67K and $84K as Critical Levels
Gate News message, April 27 — Bitcoin opened Monday's trading with significant volatility, rising above $79,000 during Asian market hours before retreating to around $77,000. The pullback allowed BTC to quickly fill the CME futures gap that had formed over the weekend.
The CME BTC futures gap
GateNews2h ago
Aven Launches Bitcoin Visa Card With Up to $1M BTC-Backed Credit Line at 7.99% APR
Gate News message, April 27 — Fintech startup Aven has launched the Aven Bitcoin Visa Card, offering a bitcoin-backed line of credit of up to $1 million at a fixed 7.99% APR with loan terms up to 10 years.
According to Aven's analysis of leading bitcoin lending providers, this represents a
GateNews2h ago
Canada to Launch $25B ‘Canada Strong Fund’ — Crypto Asks if Bitcoin Is Next
Canada's new C$25B Canada Strong Fund aims to back "nation‑building" projects, but crypto circles instantly seized on one question: will Ottawa ever buy Bitcoin?
Summary
Prime Minister Mark Carney unveiled
Cryptonews2h ago
