by • A bug in the older version of the Aave crypto lending protocol is blocking users from interacting with Wrapped Ether (WETH), Tether USDT $1.00 , Wrapped Bitcoin (WBTC) or Wrapped Matic (WMATIC) pools on Aave v2 Polygon, preventing assets from being withdrawn from them.
• The bug only affects the Polygon implementation; v3 is unaffected.
• A proposal has been submitted to fix the bug and a governance vote has been scheduled for May 20th and will run until May 23rd.
A Bug in Older Version of Crypto Lending Protocol
A bug in an older version of crypto lending protocol Aave is blocking users from interacting with Wrapped Ether (WETH), Tether USDT $1.00 , Wrapped Bitcoin (WBTC) or Wrapped Matic (WMATIC) pools on Aave v2 Polygon, preventing assets from being withdrawn from them. This issue does not affect Aave V3, which remains unaffected.
Proposed Solution to Patch Bug
A proposal to fix this bug has been submitted, which would enable users to “supply more of those assets, borrow, repay, or withdraw.” It also states that funds are “perfectly safe” even though withdrawals are currently impossible as the bug can be fixed through a governance vote.
Voting Schedule
The voting process will begin on May 20th and will continue until May 23rd. The proposed code changes address only the Polygon version of Aave V2 and aim to solve the patch bug that was caused by an interest rate curve change applied to all deployments of V2.
What Is Aave?
Aave is most well known for its flash loan feature that allows users to borrow crypto, make trades and pay back the loans within the same block without requiring collateral. It began on Ethereum but has expanded into other networks over the past few years including zkSync Era — a layer- 2 Ethereum scaling protocol that uses zero-knowledge proof technology — which launched on April 17th after approval from its governing body: Aave DAO . On May 8th, Aave announced it had successfully implemented its first DeFi product on Avalanche blockchain network .
Conclusion
In conclusion, a bug in an older version of crypto lending protocol Aave is blocking users’ ability to interact with four asset pools: WETH, USDT $1.00 , WBTC and WMATIC on their Polygon deployment while leaving their v3 implementations unaffected. To fix this issue a vote by its governing body – the AAve DAO – is scheduled for between May 20-23 whereby they will decide whether changes should be made via code patches to solve this patch bug once and for all.
