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Llama and Gauntlet Submit Proposal to Cover $1.6 Million in Bad Debt on Aave

DeFi management platform Llama and DeFi risk management outfit Gauntlet have submitted a governance proposal on Aave to cover the DeFi lender’s $1.6 million bad debt brought on by Tuesday’s short attempt linked to Mango Markets exploiter Avraham Eisenberg.

The proposal calls for the use of Gauntlet’s insolvency fund and the Aave treasury to cover the bad debt. Gauntlet’s insolvency fund holds 4,923 staked Aave tokens, which is currently worth $283,000. The DeFi lender's treasury itself is worth $165 million, based on the last financial report by Llama, and can be used to cover the excess debt, the proposal added.

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