Gauntlet Discontinue with Aave, What's the Cause?

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Bittime -  Gauntlet, a blockchainrisk management company, ended their four-year relationship with decentralized lending platformAave. This decision surprised many parties, considering that Gauntlet had acted as a "Risk Supervisor" or Risk Steward for Aave.

John Morrow, one of the founders of Gauntlet, revealed the reason for the termination of this collaboration via the Aave forum. He said his team struggled to "navigate inconsistent guidelines and unwritten goals" from Aave's "largest shareholder."

This statement sparked mixed reactions from the Aave community. Some members were disappointed with Gauntlet's decision, such as Ernesto Boado, former CTO of Aave, who felt the DAO's trust in Gauntlet had been betrayed. However, several other parties, such as Marc Zeller, actually doubt Gauntlet's reasons and suspect that this decision was motivated by external business opportunities.

Gauntlet itself, through Nick Cannon, their vice president of growth, denied the allegations. According to Cannon, this decision was made to "optimize growth and further the mission" of Gauntlet. He also added that the Aave community wants exclusivity from Gauntlet without being willing to pay for it, while Gauntlet's competitor, Chaos, does not have similar restrictions.

This case is in the spotlight regarding DAO's challenges in collaborating with external parties. On the one hand, DAOs require the expertise of professionals like Gauntlet, but on the other hand, the distributed governance structure of DAOs can lead to ambiguity and communication difficulties.

Also read How to Buy Crypto:

What is Aave?

Aave is a decentralized finance (DeFi) protocol that allows users to borrow and lend crypto assets without intermediaries. Founded in 2017 by Stani Kulechov, Aave was initially known as ETHLend before adopting the Aave name in 2018.

Here are some important points about Aave.

1. Main Functionality

Aave allows users to borrow and lend crypto assets in a decentralized environment. Borrowers can borrow crypto assets using other crypto assets as collateral, while lenders can earn rewards on the crypto assets they lend.

2. Decentralized Market

Aave provides a decentralized marketplace where users can borrow or lend various types of crypto assets without the need for third parties or intermediaries. This allows easier and more transparent access to financial services without the need to rely on traditional financial institutions.

3. Dynamic Interest System

Aave uses a dynamic interest system that adjusts automatically based on supply and demand on the platform. This allows interest rates to fluctuate in real-time according to market conditions, providing greater flexibility for users.

4. AAVE Tokens

AAVE is a utility token of the Aave protocol that provides a wide range of functions, including the right to participate in protocol decision-making, the right to receive profit sharing, and access to various features and services in the Aave ecosystem.

5. Innovation and Development

Aave continues to innovate and develop their protocol. They have introduced various new features such as aTokens, which represent claims on assets deposited into the protocol and earn interest automatically. Apart from that, they have also brought various new types of assets to their platform.

6. Security and Audits

Aave pays great attention to the security and auditing of their protocol. They regularly undergo third-party audits to ensure that their protocols are safe from attacks and other security vulnerabilities.

7. Wide Use

Aave has become one of the leading DeFi protocols in the crypto industry, with a total value locked (TVL) amounting to billions of dollars. This shows that the platform has been well received by the crypto community and is widely used by users around the world.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Aave Community Voting Results: 99.9% Approve PayPal's PYUSD Stablecoin Integration

Multi-Party Computation as-a-Service: Data Privacy Solutions in the Blockchain Ecosystem

DeFi Tokens: How to Analyze and Choose the Right Investment

DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.