Circle Draws Backlash for Aave USDC Rate Hike Proposal

Dark Mode Toggle Ball Crypto News Today Market Updates Margin Trading Guides Videos Price Analysis BTC Analysis ETH Analysis XRP Analysis Bitcoin For Beginners Interviews Editorials DeFi & NFT Buy Crypto Language Bulgarian Turkish Spanish © Copyright CryptoPotato Home » Crypto News Circle is facing a wave of criticism after a proposal linked to its chief economist suggested sharply increasing USDC borrowing costs on Aave, as the lending pool grinds through a liquidity crunch that has dragged on since the KelpDAO exploit. The plan has gone down badly with DeFi users, many of whom say it would make things worse for people already trapped in a broken market. On April 22, Circle CEO Jeremy Allaire shared a forum post by Gordon Liao outlining adjustments to Aave v3 parameters to fix what he called a “non-clearing” market for USDC. The pool has been stuck near full utilization for four days. A

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