Written by: Jocy, IOSG

$230 million USD bad debt remains unresolved. Aave Collector holds over $200 million in liquid assets, LayerZero has just completed $120 million in financing—both are fully capable of making a repayment. Aave has lost $8.45 billion in TVL in less than two days, with the entire DeFi space evaporating $13.2 billion. With each passing day, this number continues to grow.

But no party has responded about who will take responsibility for the stolen assets, and no one has made a statement. They are playing games with each other while the whole DeFi space is bleeding.

Where has the spirit of DeFi from 2020 gone?

On March 12, 2020, ETH dropped to $80, and on-chain liquidation auctions faced zero bids, threatening a systemic collapse of MakerDAO. At that time, the MKR Foundation proposed auctioning MKR to buy back ETH to cover bad debts, and large holders in the community participated in the bidding.

That time, the Ethereum community and the spirit of DeFi were a source of pride for everyone—someone took responsibility and someone acted in the face of crisis.

What about today? Silence.

Many of my friends are not only withdrawing their investments from Aave—they are pulling funds from Spark and even other DeFi protocols. They are not panicking; they are voting with their feet: if no one is willing to step up to resolve the 260M situation, why should they keep their money here?

Once this funding leaves, it will never return.

In the past, Aave has gone through numerous governance crises, with many differing opinions within the community, and disagreements have never ceased. But today is not the time to debate governance philosophies. Looking back at the prosperity of DeFi Summer, reflecting on the decentralized financial world we built together—it hasn't been easy to get to today. The future of DeFi should not be destroyed in a moment of silence.

This is not just Aave's issue. Spark, MakerDAO, and all DeFi protocols on Ethereum should participate in coordination. Trust collapse does not discriminate between protocols; if this situation is not handled well, the entire DeFi's TVL will be revalued, and everyone will be hurt.

Time is extremely valuable.

Aave could completely commit to covering the losses first and then take time to coordinate a specific plan, which would help stop the run. If the project team continues to remain silent, @VitalikButerin

should step in to coordinate—there is no need to spend money, just a statement of "this matter will definitely be resolved properly" will suffice.

For every hour of silence, more funds will permanently disappear.

Calling on @StaniKulechov, @VitalikButerin, @AaveDAO, @KelpDAO, @LayerZero_Core, @RuneKek

to communicate publicly as soon as possible and give the market a clear signal.

Silence is the worst option.

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