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Gauntlet, a decentralized finance (DeFi) risk management entity, is facing some backlash over its latest proposal on the Aave Governance Forum after it was accused of tweaking elements of a previous one that was voted on by the community. .
The purpose of the proposal in question is to reduce the risks related to the loan given to Michael Egorov, the founder of Curve Finance.
Egorov’s $64 million loan draws attention again
Mark Zeller, a member of the Aave community, Oppose One of the proposals on the Gauntlet’s list of recommendations, which seeks to adjust the loan-to-value (LTV) of CRV on Aave version two (v2) to zero percent, claiming that the recommendation will do more harm than good There will be a reason.
“Hello, we agree to all the proposed changes but one: setting the CRV LTV to zero. This will do more harm than help by eliminating the ability of CRV holders to augment their collateralisation by adding more collateral if required.’
According to Zeller, Gauntlet was attempting to sneak in a proposed change in its latest risk parameter update, which had already rejected In previous resolution by Avee Community.
In June, the Gauntlet made two recommendations to the Aave Governance Forum, which were to freeze CRV collateral and adjust the CRV LTV on Aave V2 to zero. The entity made the offer after accessing a wallet tagged to Michael Egorov, the founder of Curve, who had borrowed over $60 million USDT and held 288,000 CRV tokens as collateral.
According to Gauntlet, the proposal will prevent wallets from hoarding more CRV tokens in order to reduce risk or diversify their collateral. based on statistics From blockchain analytics platform DeBank, the loan currently includes 281,000 CRV collateral worth over $220 million to borrow $64 million in USDT with a health rate of 1.83.
the gauntlet answers
However, Gauntlet refuted Zeller’s claim, while acknowledging that the community was strongly against setting the CRV LTV to zero. Subsequently, the entity said it would remove any recommendation regarding CRV in the updated snapshot.
“It looks like the temperature check will fail, and we will take this as a sure sign and will continue to balance risk/reward with this in mind in v2. Also, we will consider it as a separate recommendation for those assets. Will take this as a community priority to do which are considered sensitive for the community going forward. In terms of next steps – we will remove the CRV recommendation and re-run the snapshot vote without it.
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[ad_1]
Gauntlet, a decentralized finance (DeFi) risk management entity, is facing some backlash over its latest proposal on the Aave Governance Forum after it was accused of tweaking elements of a previous one that was voted on by the community. .
The purpose of the proposal in question is to reduce the risks related to the loan given to Michael Egorov, the founder of Curve Finance.
Egorov’s $64 million loan draws attention again
Mark Zeller, a member of the Aave community, Oppose One of the proposals on the Gauntlet’s list of recommendations, which seeks to adjust the loan-to-value (LTV) of CRV on Aave version two (v2) to zero percent, claiming that the recommendation will do more harm than good There will be a reason.
“Hello, we agree to all the proposed changes but one: setting the CRV LTV to zero. This will do more harm than help by eliminating the ability of CRV holders to augment their collateralisation by adding more collateral if required.’
According to Zeller, Gauntlet was attempting to sneak in a proposed change in its latest risk parameter update, which had already rejected In previous resolution by Avee Community.
In June, the Gauntlet made two recommendations to the Aave Governance Forum, which were to freeze CRV collateral and adjust the CRV LTV on Aave V2 to zero. The entity made the offer after accessing a wallet tagged to Michael Egorov, the founder of Curve, who had borrowed over $60 million USDT and held 288,000 CRV tokens as collateral.
According to Gauntlet, the proposal will prevent wallets from hoarding more CRV tokens in order to reduce risk or diversify their collateral. based on statistics From blockchain analytics platform DeBank, the loan currently includes 281,000 CRV collateral worth over $220 million to borrow $64 million in USDT with a health rate of 1.83.
the gauntlet answers
However, Gauntlet refuted Zeller’s claim, while acknowledging that the community was strongly against setting the CRV LTV to zero. Subsequently, the entity said it would remove any recommendation regarding CRV in the updated snapshot.
“It looks like the temperature check will fail, and we will take this as a sure sign and will continue to balance risk/reward with this in mind in v2. Also, we will consider it as a separate recommendation for those assets. Will take this as a community priority to do which are considered sensitive for the community going forward. In terms of next steps – we will remove the CRV recommendation and re-run the snapshot vote without it.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
