On May 7th, the PSnapshot page revealed that the Aave community has voted to approve the ARFC proposal to "deprecate small cap stablecoins on the Aave V2 Ethereum network". Next, the author of the proposal will submit the Aave Improvement Proposal (AIP) to implement its proposed update. The proposal proposes to phase out USDP, GUSD, LUSD, FRAX, and sUSD on Aave V2.
The proposal notes that recent events have highlighted the need for Aave to reduce its V2 exposure to lesser-used stablecoins, many of which have limited liquidity, allowing for price manipulation and other potentially harmful events. Previously, the community followed a two-stage process to deprecate stablecoins, taking BUSD and TUSD as examples. Notably, none of the aforementioned stablecoins are collateralized assets, reducing the complexity of the process.
The Aave community has voted to approve the ARFC proposal to "deprecate the Ethereum network small cap stablecoin on V2"
2024-05-07 04:26:54
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