Aave moves to wind down six chains in $98M cleanup

Aave founder Stani Kulechov said on July 30 that the lending protocol plans to retire dozens of low-use asset reserves and wind down its deployments on six blockchain networks. Summary Aave proposal targets six deployments holding $12.8 million supplied and $4.1 million in outstanding debt. Fifty low-adoption reserves and twenty-one matured Pendle tokens account for most assets under review today. Users can retain existing positions initially, but freezes and higher rates will encourage orderly exits. The changes cover approximately $98.1 million in supplied assets and $15.6 million in debt. However, the measures originate from an Aave governance proposal and require DAO approval before full implementation. The proposal would remove 50 individual reserves, retire 21 matured Pendle principal tokens and close 25 reserves across Sonic, Scroll, zkSync, Metis, Soneium and Aptos. After a comprehensive review, Aave is deprecating 50 low adoption asset reserves across multiple deployments.In addition, Aave is orderly winding down deployments on Sonic, Scroll, zkSync, Metis, Soneium, and Aptos, covering another 25 asset reserves.As part of this process,…— Stani (@StaniKulechov) July 30, 202...