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Independent Risk Manager Terminates Services for Aave
The independent risk manager Gauntlet has terminated its services for Aave. In a post on the Aave forum, John Morrow, co-founder of Gauntlet, pointed to the challenges of working with the decentralized autonomous organization‘s unclear instructions and goals as the reason for this decision.
Reasons for Termination
“It is because of all this that it pains us to say that Gauntlet is no longer able to continue our work with Aave,” said Morrow. “We will be terminating our payment stream as soon as possible and working with other contributors to find a replacement for the Risk Steward.”
Morrow detailed the firm’s experiences with Aave’s governance model, highlighting the difficulties Gauntlet faced in navigating the DAO’s inconsistent guidelines and unwritten objectives.
Challenges Faced
- Difficulties with inconsistent guidelines
- Unwritten objectives of the largest stakeholders
- Disagreements and duplicate proposals
- Allegedly unreasonable criticisms
Reactions from Aave Community
Aave’s former CTO Ernesto Boado replied to the post and shared his perspective, expressing his confusion over the unilateral decision. He also highlighted the broad community’s appreciation for Gauntlet’s work.
Marc Zeller, the founder of Aave-Chan Initiative, rebutted Morrow’s statement, claiming it was a poor excuse to justify Gauntlet looking into external business opportunities. Zeller also mentioned that the community has begun to recruit other service providers to fill the vacancy.
“At the ACI, we are considering a very prestigious slot with a current budget of 1.6m/year just opened, and we’re looking forward to the candidates’ risk teams’ proposals,” said Zeller.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
