3Jane USD3 Maintains Full USDC Backing on Aave

CIAN has temporarily halted deposits and withdrawals for all ETH-related strategies following a bridge exploit at Kelp DAO. **What happened:** - An attacker stole $300M worth of rsETH from Kelp DAO's Ethereum bridging contracts - The exploiter used stolen rsETH as collateral on Aave and Compound to borrow ETH - More rsETH now exists in circulation than actual backing, creating undercollateralized debt **Market impact:** - ETH borrowing conditions on Aave experienced volatility and imbalance - Aave and Compound governance paused relevant assets and markets, including rsETH and ETH - DeFi automation features affected, particularly those using health ratio triggers **CIAN's response:** The pause is a precautionary risk control measure responding to abnormal market conditions. CIAN confirms no security issues with their own frontend or strategy contracts. The team is monitoring ETH borrowing rates, liquidity conditions, and strategy parameters. Relevant teams are discussing resolution approaches for the undercollateralized debt situation.

**Mantle Vault has surpassed $200 million in total value locked (TVL)**, marking a significant milestone for the stablecoin yield platform. The vault, a collaboration between Bybit, Mantle, and CIAN protocol, offers users: - **7%+ APY on stablecoins** through automated strategies - One-click access via Bybit's On-Chain Earn platform - Support for USDC and USDT deposits The platform utilizes auto-leveraged strategies on Aave, routing deposits into USDe and sUSDe positions to generate boosted yields. Users can also earn Ethena points and additional incentives, though withdrawals require a 57-day waiting period. This TVL milestone demonstrates growing adoption of automated DeFi yield strategies among stablecoin holders seeking returns beyond traditional savings rates.

**Cian Protocol announced a two-stage plan to build on Aave Mantle:** **Stage 1: Immediate Migration** - Moving billion-dollar yield strategies to Aave Mantle - Lower borrow rates on Mantle create better net yields - Key assets (Ethena, Maple, Kelp) already deployed **Stage 2: RWA Infrastructure** - Building new interest-bearing RWA strategies over coming months - Leveraging Bybit and Mantle's tens of billions in deployable capital - Redesigning DeFi primitives to accommodate institutional-scale RWA The team believes RWA will dominate lending markets within two years as the gap between on-chain and off-chain economies closes. Cian, an early builder of RWA yield strategies, is positioning Aave Mantle as the infrastructure layer for this transition.

Cian's founder Luffy_Cian is participating in **Mantle State of Mind Episode 07**, scheduled for March 17 at 10 PM UTC+8. The discussion will focus on: - The **CeDeFi flywheel** mechanism on Mantle - How Cian's automation platform integrates into the broader ecosystem - Insights from multiple ecosystem builders The event will be hosted on Mantle's official X (Twitter) account, bringing together various projects to explore the convergence of centralized and decentralized finance.