With the fluctuating nature of the crypto market, various changes are taking place that is difficult for those who are associated with it to make peace with. However, some changes have been easily adopted and some have been contested. It is important to mention here that the crypto depends largely upon the consensus and how well the public has received certain crypto at that time. Thus, it is more prone to ups and downs than any other financial system.
This article has tried to wrap up the whole decision of freezing Fantom Integration and the reasons that have led to it. Numerous reasons have been responsible for the proposal to be introduced.
What led to the decision of freezing Fantom?
As mentioned above, numerous reasons led to this moment. The basic reasons have been stated to be a lack of traction as well as potential vulnerabilities decision came on a Tuesday when Marc Zeller proposed to freeze the V3 Fantom market. Marc Zeller is an important figure on this platform as he is the lead at the Decentralized finance borrowing and lending system Aave.
Take a look at Fantom and Aave and its history
Fantom was created in the year 2018. The Fantom is an acrylic graph smart contract platform that is directed and upon which the Aave is at the moment formed. The Fantom is a platform that offers decentralized finance services. Zeller, the head has come up with various statements regarding the initiative to remove the Fantom bridge.
As per him, the decision came after thorough consideration and analysis of other such systems. They stated that after the Harmony bridge event as well as the exploit of the Nomad bridge, there are certain things that Aave needs to take into consideration. It has now become almost necessary for the Aave community to keep in mind the pros and cons of keeping an active A3 Fantom market. It is so because this particular system is also dependent upon a bridge that consists of multichain.
A deeper look into Aave’s proposal
Further statements have also been released by Zeller in which he further explained the whole process or proposal. He stated that even though the Fantom. the market had a good opening and a good market size, but it was difficult for it to gain any importance or even get noticed. It lacked certain traction that would come to notice.
Even though there are various provisions in the Aave system that allows users to pay their debts and make a withdrawal but it has certain limitations as well. It also blocks any further deposits ls or withdrawals that one might want to make. It was also stated by Zeller that a decision has been made to have voting which shall be the deciding factor of the Aave V3 Fantom market.
The lead at Fantom has further stated that the proposal to freeze the above-mentioned system is justified and reasonable. Given the situations that have come up, it would be foolish to expose the users to losing thousands of dollars dues to the issues about the Aave security. They have further stated that the risk that involves this process is too much for the thirty dollars a well that is generated by the Aave treasury.
The proposal, as stated, has been proposed to get rid of the bridging problem. However, it has been made quite clear that the reason. What has led to this proposal is the failure of Aave to establish a place in the market or a share on the Fantom network.