Aave founder defends $8.45 billion bank run; V4 upgrade plans to restructure risk management system.

According to Mars Finance, on June 8th, following the $292 million attack on KelpDAO's LayerZero-based cross-chain bridge in April, which triggered a run on the DeFi lending protocol Aave, resulting in a $8.45 billion deposit crisis within 48 hours, Aave founder and CEO Stani Kulechov stated that this incident precisely demonstrates Aave's "resilience." Speaking at the Proof of Talk conference in Paris, Kulechov stated that Aave V3 has withstood multiple market cycles and remained stable even under extreme market conditions. He believes that recent DeFi security incidents primarily stem from third-party infrastructure vulnerabilities, rather than vulnerabilities in the protocols' own smart contracts. However, according to risk analysis firm LlamaRisk, attackers exploited a KelpDAO vulnerability to create worthless collateral, deposited it into Aave, and then withdrew real wETH, resulting in approximately $123.7 million in bad debt for Aave V3. In response to the crisis, Aave DAO urgently allocated 25,000 ETH, and Kulechov himself injected an additional 5,000 ETH, bringing the total bailout to approximately $300 million. Addressing the systemic risks exposed, Aave is planning to restructure its risk management architecture through a V4 upgrade. The new version will adopt a modular "Hub-and-Spoke" design, replacing the traditional liquidity pool model. This will allow the protocol to implement independent risk pricing for different collateral and freeze specific collateral assets before the risk spreads, reducing the possibility of a cascading run triggered by a cross-chain bridge failure.