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The Solana Foundation, the nonprofit that stewards development of the Solana blockchain, has deployed part of its treasury into Tether (USDT) and supplied it to Aave for the first time, according to Lily Liu, who chairs the Foundation. The move is intended to support recovery efforts following the KelpDAO exploit.
Liu said the Foundation uses its treasury to support growth of the Solana economy, describing decentralized finance (DeFi) as central to that mission. She added that while the ecosystem competes, it ultimately depends on the broader health of DeFi.
The Foundation also plans to bring Aave’s governance token to Solana this weekend.
The exploit affected Aave after attackers minted unbacked rsETH tokens by exploiting a misconfiguration in LayerZero’s verification system. The invalid rsETH tokens were then deposited into Aave as collateral, enabling the withdrawal of roughly $190 million in real assets.
Although Aave functioned as intended, the invalid collateral created an estimated $124 million in bad debt if losses are shared across holders. Worst-case scenarios were described as exceeding $230 million.
More than $230 million has been raised through DeFi United, a multi-party relief effort aimed at making rsETH holders whole after the April 18 exploit.
Arbitrum DAO, Mantle, and Aave DAO are among the largest contributors, with a combined pledge of over 85,000 ETH pending governance votes. Aave founder Stani Kulechov also committed 5,000 ETH personally.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
