Aave DAO Votes to Rescue Lost Tokens: Get Yours Back Now!
Aave DAO Votes on ‚Rescue Plan‘ to Save Lost Tokens
- The Aave DAO has passed a proposal called „Rescue Mission Phase 1 Long Executor“ that would allow developers to recover tokens from certain Aave contracts.
- This proposal only affects lost AAVE, LEND, Tether USDT and staked AAVE (stkAAVE) tokens that were mistakenly sent to the token contract.
- Tokens will be transferred during the contracts‘ initialization phase and sent back to their original owners automatically.
How Will it Work?
The proposal authorizes Aave developers to upgrade smart contracts so that those mistakenly sent tokens in the past can send them back to their original owners automatically. This will happen during the contracts‘ initialization phase. The Aave team is authorized by this proposal to initialize a new implementation for these contracts, where lost tokens will be sent automatically to a separate AaveMerkleDistributor contract. From there, they will then be sent back to their owners.
What Does This Mean?
Some Aave users who accidentally sent tokens to the wrong address may soon be able to recover them thanks to this plan proposed by the Aave DAO. However, note that this only applies for tokens lost in the past as future ones may still be permanently locked unless another proposal is passed in the future.
Why is this Important?
Losing tokens by mistakenly transferring them is a common problem in crypto and can lead users hundreds of millions of dollars worth of token and Ether losses. This rescue plan could help protect unsuspecting users from such losses while also encouraging more people into DeFi growth.