Another consequence of 10/10 crash:
Aave is removing volatile alts as collateral: $CRV, $UNI, $ZK, $BAL, $LDO, 1INCH, $METIS, $CAKE
During the crash, oracle prices jumped 15% to 50% in single updates.
Some feeds lagged by minutes posing risk of bad debt:
If the oracle shows a lower price while price on DEXes haven’t moved yet, attackers deposit another asset, borrow the underpriced one, dump it onchain, and repeat until liquidity is gone.
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This happened with $CRV.
The Chainlink feed showed ~0.21 while on Curve it was still trading at ~0.36.
A 58% gap that lasted long enough for attackers to drain ~$200K
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Same thing with $ENS.
One user made over 17 WETH because the oracle lagged while price on Uni LP pools stayed higher.
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These assets also earn very little for Aave:
- Borrows: $CRV (highest) $80K per year while others $37
- Collateral: $14K over the last 3 months for 7 alts!
High risk, no revenue.
So Aave voting to set LTV to zero and removing them from borrowing. Another reason not to hold alts this cycle.
As a delegate, I also voted 'For' the proposal.
(P.s. Massive shoutout to @chaoslabs for proposal research and execution)
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