Aave eliminated the V2 and V3 marketplaces after addressing critical security vulnerabilities

The protocol suspended some operations earlier this month due to security concerns.

Aave said its V2 and V3 markets have resumed operations after a temporary pause due to security concerns earlier this month.

Earlier today, on November 13, Lending Protocol reopened operations for its V2 protocol, stating:

"All Aave V2 marketplaces are now operational. The security of the Aave protocol is a non-negotiable priority for the community. We appreciate our patience and support during this time and will continue to focus on governance so that a postmortem can be conducted in due course. ”

On November 12, the decentralized protocol resumed operations on the V3 marketplace on multiple blockchains, including Optimism, Arbitrum, Avalanche, and Polygon. Aave stated, "Following the implementation of the governance proposal, the affected Aave V3 marketplace has been unsuspended by Community Guardians. ”

Earlier this month, Aave suspended some of its operations on the V2 protocol on Ethereum (ETH) and froze its unnamed assets on the V3 protocol on Polygon, Arbitrum, and Optimism. At the time, the protocol explained that taking these actions was a precautionary measure, as it received “a report on the Aave bug bounty program involving a high vulnerability affecting Aave v2, which was subsequently promoted to a critical vulnerability.” ”

After successfully resolving the error, Aave users can now use the platform to perform a variety of actions, including depositing, repaying, initiating, or closing loan positions.

At the same time, Aave’s activities were temporarily halted due to a breach, which is in line with a broader trend in the blockchain and cryptocurrency industry, with entities increasingly prioritizing security measures to protect their platforms. A recent example is Perpetual Protocol, which offers a $10,000 bounty to white hat hackers who discovered $32 million worth of vulnerabilities in their systems.

Aave is one of the largest decentralized finance projects in the industry. According to Dellama, the total value of assets locked in the agreement is currently more than $6 billion.

The data further shows that security concerns have not negatively impacted the AAVE token, which has risen by more than 50% in the last 30 days. At press time, it was trading at $96.21.