Blockchain risk management firm Gauntlet has broken off its four-year-long relationship with the decentralized lending platform Aave, citing difficulty working with the decentralized autonomous organization (DAO) that governs the protocol.
In a post in the Aave forums, Gauntlet co-founder John Morrow said it was terminating its relationship with the lender because his team “found it difficult to navigate the inconsistent guidelines and unwritten objectives” of Aave’s “largest stakeholders.”
Gauntlet is a key player in decentralized finance (DeFi), its risk management services used by several of the largest crypto protocols and DAOs. Gauntlet served as a “Risk Steward” for Aave, which involved overseeing the platform’s risk levels, providing regular updates to the Aave community, and manually setting certain lending and borrowing parameters. Morrow said in his post that Gauntlet would begin “working with other contributors to find a replacement” Risk Steward so as not to leave the DAO high-and-dry.
Aave, which initially launched on Ethereum in 2017 and has since expanded to other ecosystems, is one of the largest decentralized lending platforms. The protocol has $11 billion locked in its system,…
