AAVE DAO participant suggests freezing loans to particular address, drawing “censorship” criticism
Gauntlet expressed fears that this account may continue increasing its debt, leading to the risk that it may be liquidated if there is a sudden fall in the price of Curve. Compounding the problem in Gauntlet’s view is the fact that CRV has suffered a decline in liquidity over the past few months. This may cause slippage if the account gets liquidated, as there may not be enough buyers of CRV in the marketplace willing to take on such a large amount of tokens.
In the proposal, Gauntlet suggested that the AAVE decentralized autonomous organization should implement a patch to freeze any further uses of CRV as collateral for loans. This would allow the account to continue holding its current loan position, but would also prevent it from accumulating any further debt.Some forum participants supported the proposal and criticized the account for piling on so much debt.
In response, critics of the proposal defended the account. For example, user pray.eth stated that the account’s owner may simply believe CRV tokens are radically undervalued; leading them to believe that as the price declines, it makes sense to increase their use as collateral.Aave-Chan Initiative founder Marc Zeller, who is a frequent participant in the forums, also weighed in on the proposal. He stated that AAVE DAO should be careful not to violate “the core ethos of DeFi, which is neutrality.
The proposal is listed as a “recommendation” as of June 16. This means that it has not yet been turned into a formal AAVE Improvement Proposal that can be voted on by the DAO. The author has stated that turning it into a formal AIP is the proposal’s “next step.” Participants in the blockchain ecosystem continue to debate the limits of censorship-resistance. In January, many Bitcoin users complained of high fees caused by other users minting and trading Ordinals. Some usersthat had drained $25 million from EVM front-running bots.
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