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Aave DAO votes for ‘rescue plan’ to save lost tokens

Press Releases Crypto News Cointelegraph Aave DAO votes for ‘rescue plan’ to save lost tokens

Some Aave users who accidentally sent tokens to the wrong address may soon be able to recover them, according to the text of a proposal passed by the Aave decentralized autonomous organization (DAO) on March 10. The proposal, called “Rescue Mission Phase 1 Long Executor,” authorizes Aave developers to upgrade smart contracts that have been mistakenly sent tokens in the past, causing the contracts to send the lost tokens back to their original owners automatically.

Here’s your chance to join the rescue mission. Vote now https://t.co/JJr6qhTKAv

— Aave (@AaveAave) March 7, 2023

The confirmed proposal only affects lost AAVE (AAVE), LEND, Tether (USDT), UNI (UNI) and staked AAVE (stkAAVE) tokens that were mistakenly sent to the AAVE token contract, the LEND token contract, the LendtoAaveMigrator or the stAAVE token contract.

It further authorizes the team to initialize a new implementation for these contracts. The Aave DAO said that during the initialization, the lost tokens will be sent automatically to a separate AaveMerkleDistributor contract, where they will then be sent to the owners.

The proposal’s text emphasizes that these tokens will only be transferred during the contracts’ initialization phase, stating: “To be as less invasive as possible, these new implementations only include that extra logic on their initialize() function, with everything else remaining the same.” This seems to imply that only tokens lost in the past will be recoverable. Future tokens mistakenly sent to these addresses may be permanently lost unless a new proposal is passed in the future.

Losing tokens by mistakenly transferring them to a token contract is a common problem in the crypto community. ChainSafe developer Muhammad Altab

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Author: Tom Blackstone

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