Current Situation

In a baffling turn of events, Aave users on the Polygon network have found themselves locked out of their Wrapped Ether (WETH), Tether (USDT), Wrapped Bitcoin (WBTC), and Wrapped Matic (WMATIC) pools due to a bug in the older version of the crypto lending protocol, Aave v2. This means that users currently can’t supply more assets, borrow, repay, or withdraw. Yep, you read that right—it’s like trying to extract toothpaste from a sealed tube.

What Went Wrong?

According to a proposal on May 19, the issue arose after a recent upgrade to the ReserveInterestRateStrategy, which was unwittingly tuned for Ethereum, leaving Polygon users to fend for themselves. It’s almost like that moment when a new restaurant opens and the chef only shares their best dishes with the VIP customers—talk about frustrating!

Funds Are Safe, So No Panic!

While users can’t touch their funds, the Aave team has assured everyone that the assets are “perfectly safe.” The bug is a temporary hiccup that can be resolved through governance voting. But judging by how often we lose our keys or misplace our wallets, it’s reassuring to know that our crypto isn’t in the same boat!

A Timely Rescue Proposal

The proposal sent out by Aave suggests specific code changes aimed solely at the Polygon version to rectify the patch. The voting process for this critical fix began on May 20 and will run until May 23. Fingers crossed that a majority will vote in favor, or else users may find themselves chasing their crypto like a cat chasing its tail!

A Brief Look at Aave’s Journey

Aave is renowned for its innovative flash loan feature, which allows users to borrow cryptocurrency, execute trades, and repay loans in the same block—no collateral required! It originally started its journey on Ethereum but has since expanded to several networks. Most recently, Aave governance voted to deploy on zkSync Era and Metis, showing that it’s not just surviving—it’s thriving!