DeFi Projects Seek To Rebuild Treasuries After Crypto Crash
Some of the biggest projects still standing in decentralized finance, created as a parallel universe to traditional lending but without the intermediaries such as brokerages and banks, still seem to be feeling the pinch of the industry’s spring meltdown.
Aave Companies, the lead developer behind the biggest DeFi lending project, is asking for $16.28 million from the so-called decentralized autonomous organization that governs the protocol. This is the first time the development team has requested money from the Aave DAO, according to a proposal. A vote on the plan, which will end on September 8, has already received the necessary quorum for approval.
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