Crypto protocols pledge 43K ETH to restore rsETH backing

Mantle, EtherFi Foundation, Golem Foundation, Lido DAO, Ethena, LayerZero, Ink Foundation and Tyrdo have all made pledges to the “DeFi United” recovery effort.

Decentralized finance protocols have banded together in an attempt to restore the backing of rsETH following the $293 million exploit of the Kelp restaking platform on Saturday, which has triggered a liquidity shock.

The amount pledged has now exceeded 43,500 Ether, worth over $101 million, which decentralized lending platform Aave has called the “DeFi United” relief effort. Crypto protocols involved include Lido DAO and the Golem Foundation, with the largest pledges coming from the EtherFi Foundation and Mantle at the time of writing. 

“We believe ecosystem collaboration matters most in moments like this, and our priority is achieving the strongest possible available outcome for users, said Aave on Thursday. 

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