Aave to launch ‘Rescue Mission’ for lost tokens

The DeFi platform Aave will begin the first phase of its ‘Rescue Mission’ to recover tokens lost as a result of being sent to erroneous smart contracts. The proposal received unanimous support.

Here’s your chance to join the rescue mission. Vote now ?https://t.co/JJr6qhTKAv

— Aave (@AaveAave) March 7, 2023

The developers explained that, for Aave, the presence of upgradable smart contracts in the ecosystem makes it technically feasible to recover tokens sent by mistake.

In the first phase, the focus is on recovering such assets from the contracts for AAVE, LEND and stkAAVE. In addition to these tokens, the phase will also cover locked UNI and USDT.

Nearly the entire volume of the tokens to be rescued comprises 29,188 AAVE valued at about $2.16 million out of a total of around $2.18 million.

From the first and the subsequent two phases of the recovery of locked assets, the following are excluded:

• those whose balance in the smart contract does not reach $500 — making changes for them economically impractical;
• transacted from centralized exchanges — for purposes of the transaction, such a user is not the final recipient.

The unlocked funds will be sent to the distributor’s smart contract, to which the owner of the affected wallet can call for a refund.

Earlier in February, MakerDAO members proposed launching Spark Protocol as a competitor to Aave, built on the third version of the DeFi protocol.