The US Clarity Act may be delayed to May after banks pushed back against stablecoin yield provisions, while Kelp DAO suffered a $290 million hack that also strained Aave markets.
Aave has emerged as the main coordinator of a $303 million recovery effort after the Kelp DAO attack, with proposed support ranging from ETH donations and credit lines to USDT deposits from major crypto firms and protocols.
A user swapped over $50 million aEthUSDT for AAVE via Aave's interface, receiving only ~327 aEthAAVE worth $36,425 due to a 99.9% price impact. Aave published a post-mortem and plans a new safeguard called Aave Shield.
Grayscale Sui ETF (GSUI) begins trading on NYSE Arca tomorrow, providing regulated SUI exposure with staking yields of 1.7%-3.3% annually. SEC received Amendment No. 3 days ago; over 100 altcoin ETF filings await approval.
The source outlines key ways to approach DeFi in 2024, from understanding protocols and setting up wallets to evaluating projects and gaining exposure through tokens, indexes, lending, and liquidity mining.
AAVE is trading between $85 and $95 with a market cap of $1.3 billion to $1.5 billion. A probability-weighted model cited in the source sets a 2031 price target near $620 and outlines bearish, cautious, and optimistic scenarios.
A steel facility strike in Iran resets diplomatic timelines to April 6, while the Fed's first rate cut may not come until December 2027. Dense U.S. economic data and multiple blockchain events add to the mix.
Aave faces up to $230M in bad debt from Kelp DAO exploit, with Umbrella reserves covering only $80-100M. Analyst Anndy Lian proposes issuing $kRecovery tokens to finance the debt via future protocol revenue, avoiding haircuts or slashing.
