- AAVE discussed the concern on its address screening process.
- The partnership with TRM Labs fetched attention, as many top personalities were unable to access the platforms.
Some of the names like TRON founder Justin Sun, Ethereum educator Anthony Sassano, CEO of Coinbase Brian Armstrong, and others, faced the issue for being unable to access the AAVE platform. The following names got restricted from AAVE platform, until the update on its platform reinstated access to the protocol.
AAVE Team’s Addressing
According to the AAVE team, the address screening process will be executed on protocol’s website, while deeper execution will need community acceptance.
As per the report, “The wallet monitoring here is only at the front-end layer, as for on-chain, contract-level [wallet monitoring] as it applies to the Aave Protocol, the Aave smart contracts are decentralised — no one person or entity can change, control, update or shut down the protocol. For any change to occur to the protocol, an AIP (Aave Improvement Proposal) would have to be proposed, voted on, and approved by the Aave DAO.”
The AAVE team said that they executed their address screening system by following the U.S. Treasury sanctions on Tornado Cash. Although, the team will work to reduce the issues with this system and proceed the testing with TRM’s API.
From the recent happenings in the market, AAVE stated that, “The Aave Protocol is and remains decentralised and governed by the DAO. We encourage the community to remain engaged and actively fight for equitable finance. The Aave team will continue to innovate. We encourage the community to remain engaged and actively fight for open and fair finance.”
However, many organisations raised the concern related to sanctions urged on Tornado Cash. An advocacy center, Coin Center, claimed that sanctions are an “overstepped” of any institution’s legal authority. It will also cooperate with other organisations to “pursue administrative relief,” and challenge the sanctions legally.
Source: https://www.thecoinrepublic.com/2022/08/17/aaves-addressed-screening-process-for-community-vote/