Mantle’s proposal to lend up to 30,000 ETH to Aave’s DeFi United rsETH rescue has gone live on Snapshot, adding structured credit to a $314m multi‑DAO war chest.
Summary
- Mantle Network says its rsETH relief credit facility proposal for Aave has moved into the governance voting stage on Snapshot, with MNT holders required to delegate before they can vote.
- The proposal would let Mantle’s treasury lend up to 30,000 ETH to Aave’s DeFi United recovery effort, giving users more orderly ways to exit or restructure positions impacted by the April 18 rsETH exploit.
- DeFi United, the multi‑DAO rescue initiative led by Aave, has now raised 1,137,714.633 ETH—about $314.57 million at current prices—from commitments across at least six DAOs and multiple major protocols.
Mantle Network has confirmed that its strategic credit facility proposal to support Aave’s rsETH relief effort has formally advanced to a governance vote.
Mantle’s rsETH rescue loan hits Snapshot
In a post shared by Mantle, the team said the measure—known in the forum as MIP‑34—is now live on Snapshot, with MNT token holders required to delegate voting power before they can participate.
If approved, the proposal would authorize Mantle Treasury to lend up to 30,000 ETH to Aave DAO as part of the DeFi United rescue plan, with the funds earmarked specifically for clearing bad debt and collateral shortfalls created by the April 18 rsETH bridge exploit.
How the Mantle–Aave facility is structured
According to the MIP‑34 draft, Mantle’s loan would run for up to 36 months and pay a floating yield benchmarked to the staking return on Lido’s stETH plus a 1% spread, turning idle treasury ETH into a yield‑bearing position rather than a one‑off grant.
On the other side, Aave DAO has proposed backing the facility with 5% of protocol revenue and at least $11 million worth of AAVE tokens, while also granting Mantle delegated governance rights over roughly 130,000 AAVE to align incentives.
Collateral would be held in a multisig wallet, with no penalty for early repayment and default protections designed to limit Mantle’s downside if the broader rsETH recovery falls short of expectations.
Aave founder Stani Kulechov has described the broader DeFi United framework as “the largest DAO coordination I have participated in,” pointing to parallel governance processes at Arbitrum, Aave, EtherFi, Lido, Compound, and Mantle.
DeFi United’s ETH war chest tops $314m
The credit facility comes on top of a large pool of pledged ETH and stETH gathered under the DeFi United banner.
As Phemex and other trackers note, the designated donation and relief addresses tied to the initiative have now accumulated 1,137,714.633 ETH, worth roughly $314.57 million at current prices.
Earlier updates from KuCoin and WEEX showed the total climbing from 13,500 ETH in early donations to more than 100,000 ETH, with major contributions from Arbitrum DAO (30,765 ETH of previously frozen funds), Mantle’s planned 30,000 ETH loan, AaveDAO’s proposed 25,000 ETH, EtherFi’s 5,000 ETH, Lido’s 2,500 stETH, and personal and institutional commitments from Stani and the Golem Foundation.
The goal is to plug an estimated 68,900–118,000 ETH shortfall in rsETH’s backing after the KelpDAO bridge exploit and to restore healthy collateralization ratios across Aave and other integrated lending markets.
Legal analysis from firms tracking the case, such as Travers Smith and others, has framed DeFi United as a landmark example of “on‑chain interventions” coordinated across multiple DAOs, with the Mantle–Aave loan seen as a test of whether structured credit facilities can complement donations in large DeFi rescues.
For users who were hit by the rsETH incident, the combination of direct ETH contributions, governance‑approved credit lines, and protocol‑level technical fixes should—if fully executed—provide more options to exit or rehabilitate positions than a simple liquidation‑and‑write‑off process.
