Mantle’s plan to lend up to 30,000 ETH to Aave’s rsETH rescue has moved to a formal governance vote on Snapshot, becoming a high‑profile piece of the DeFi United recovery effort that now totals roughly $314 million in pledged assets.
What’s on the table
- Mantle’s proposal (MIP‑34) asks MNT holders to authorize a loan of up to 30,000 ETH to Aave DAO to help plug shortfalls from the April 18 rsETH bridge exploit. The vote is live on Snapshot; MNT holders must delegate voting power to participate.
- The facility would run for up to 36 months and pay a floating yield tied to Lido’s stETH staking return plus a 1% spread. That design turns idle treasury ETH into a yield‑bearing credit position rather than a one‑off grant.
How Aave is protecting Mantle
- Aave DAO has proposed to back the line with 5% of protocol revenue and at least $11 million worth of AAVE tokens, and to grant Mantle delegated governance over about 130,000 AAVE to align incentives.
- Collateral would be held in a multisig wallet. The draft includes default protections, no early‑repayment penalties, and other measures intended to limit Mantle’s downside if rsETH recovery stalls.
Scale and coordination
- The Mantle loan would sit alongside a large pool of donations and commitments assembled under “DeFi United.” Tracker data cited in the proposal show designated relief addresses holding 1,137,714.633 ETH (roughly $314.57 million) — a figure that reflects the rapid inflow of support tracked by Phemex and others.
- Major contributors and commitments driving the total include Arbitrum DAO’s release of 30,765 ETH, Mantle’s proposed 30,000 ETH loan, AaveDAO’s proposed 25,000 ETH, EtherFi’s 5,000 ETH, Lido’s 2,500 stETH, and institutional and personal pledges from figures and organizations such as Stani Kulechov and the Golem Foundation.
Why it matters
- DeFi United’s pooled resources aim to cover an estimated 68,900–118,000 ETH shortfall in rsETH backing after the KelpDAO bridge exploit, restoring collateralization across Aave and other integrated lending markets.
- Legal advisers tracking the response, including Travers Smith, are calling DeFi United a landmark “on‑chain intervention” coordinated across multiple DAOs. The Mantle–Aave credit facility is being watched as a test of whether structured credit can meaningfully complement straight donations in large DeFi rescues.
Voices from the ecosystem
- Aave founder Stani Kulechov called DeFi United “the largest DAO coordination I have participated in,” noting parallel governance actions at Arbitrum, Aave, EtherFi, Lido, Compound, and Mantle.
What comes next
- The Snapshot vote will decide whether Mantle’s MIP‑34 moves forward. If approved and executed alongside donations and protocol fixes, the combined measures should give affected users more options to exit or rehabilitate positions than a simple liquidation‑and‑write‑off approach.
We’ll monitor the vote and broader DeFi United coordination as the proposal progresses.
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