, a major player in the cryptocurrency loan industry, approved a proposition put out by the company. The current proposal passage reacted to the recently attempted exploit in the loan industry. What exactly does this proposal contain, and how will it affect customers?by the Compound Decentralized Autonomous Organization members in a unanimous vote. These tokens include the Wrapped Bitcoin , Uniswap , Chainlink , and Aave tokens that are implemented in the protocol .
The Compound tokens allow holders to earn interest on funds contributed to lending pools. On 24 November, when the proposal was, is scheduled for 30 November.The driving force behind it was the requirement to preserve the protocol’s overall risk tolerance while balancing the risks of different assets. Additionally, this action followed an attempt to hackA user going by the name of Avi Eisenberg attempted to exploit Aave. The lending network’s procedures were the focus of the attack.
Some improvements to the protocol’s security were suggested by the financial modeling platform Gauntlet, which Aave uses. There was talk of putting a hold on some Aave v2 tail assets to prevent future, potentially loss-making squeezes. In order to prevent traders from manipulating markets and setting off a short squeeze, these new proposals were developed by Compound and Aave.token increased by over 2% as of the time of writing, according to a look at it in a daily timeframe.
A study of the Directional Movement Index indicator also supported the token’s bearish trend. On the chart, the plus DI line was below 20, while the signal and minus DI lines were visible above it. The position of the DI lines indicated a bear trend and supported the pattern seen with the RSI.Subscribe to get it daily in your inbox.
Source: News Formal (newsformal.com)
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