Aave DAO Votes for ‚Rescue Plan‘ to Save Lost Tokens
• The Aave DAO has passed a proposal to allow developers to upgrade smart contracts that have been mistakenly sent tokens in the past, and send them back to their original owners.
• The plan applies only to lost AAVE, LEND, Tether USDT, UNI and staked AAVE (stkAAVE) tokens that were mistakenly sent to token contract addresses.
• Tokens will be transferred during the contracts‘ initialization phase and sent automatically to a separate AaveMerkleDistributor contract.
What is the Rescue Plan?
The “Rescue Mission Phase 1 Long Executor” proposal passed by the Aave decentralized autonomous organization (DAO) on March 10th authorizes Aave developers to upgrade certain smart contracts in order to recover tokens from them and send them back to their original owners. This plan applies only to lost AAVE, LEND, Tether USDT, UNI and staked AAVE (stkAAVE) tokens that were mistakenly sent to token contract addresses such as the Aave token contract, the LEND token contract or the stAAVE token contract.
How Does it Work?
During the initialization of these upgraded contracts, any lost tokens will be sent automatically from these contracts into a separate AaveMerkleDistributor contract. From there they will be distributed back out again according to their original owners’ addresses. It should be noted that this plan only works for tokens already lost in this way; any future mistakes of this kind may still result in permanently lost funds unless another plan is put into place in future.
Why is This Helpful?
Misplacing funds by sending them accidentally or otherwise transferring them incorrectly is a common issue faced by many crypto users; ChainSafe developer Muhammad Altabba has estimated that hundreds of millions of dollars worth of Ether ETH $1,479 Ethereum +3.52% MARKET CAP$178.25bVOL. 24H$809.80m ETH $556.17k are locked up due do incorrect transfers alone! The Rescue Mission plan thus serves as an effective tool for recovering these funds when mistakes are made so users don’t have to suffer permanent losses due human error or other issues beyond their control .
The Rescue Mission proposal passed by the Aave DAO provides a helpful solution for recovering tokens lost through accidental or incorrect transfers; retroactively upgrading smart contracts so they can identify these errors and return the misplaced funds accordingly . This serves as an invaluable tool for protecting users against take permanent losses due mismanagement and ensuring their money remains safe even if mistakes are made .