#Aave Claims No Impact From Yearn Finance Theft on Aave v1

According to reports, Aave stated on its social media platform that the theft of Yearn Finance had no impact on Aave v1.

Aave: The theft of Yearn Finance has no impact on Aave v1 either

As the world of decentralized finance (DeFi) continues to expand and evolve, it has become increasingly clear that security is of the utmost importance. Unfortunately, not every project operating within this space is immune to security breaches. In late February of 2021, it was announced that the Yearn Finance DeFi protocol had been the victim of a hack that resulted in approximately $11 million worth of cryptocurrencies stolen. In light of this incident, many people have been wondering if other DeFi projects have been affected as well. One such project is Aave, and the team behind this platform recently made a statement on their social media platform stating that the Yearn Finance theft had no impact on Aave v1.
##What is Aave?
Before we dive into how the Yearn Finance theft may or may not have impacted Aave v1, it is helpful to have a clear understanding of what Aave is in the first place. Basically, Aave is a decentralized non-custodial lending and borrowing platform that allows users to earn interest on their deposited cryptocurrency holdings while also allowing them to borrow cryptocurrency against their assets. The name Aave (pronounced “ah-veh”) is Finnish for “ghost,” and it is intended to reflect the project’s focus on transparency and privacy.
##How Aave v1 is Different from Aave v2
It’s worth noting that there are actually two different versions of Aave currently in operation: Aave v1 and Aave v2. Aave v1 is the older of the two platforms, having been launched in early 2020, while Aave v2 was launched later in the year. One of the main differences between these two platforms is that Aave v2 is able to support additional types of collateral that aren’t available on Aave v1. Another key difference is that Aave v2 features much lower gas fees than Aave v1. Nonetheless, both platforms offer similar lending and borrowing capabilities and continue to be popular among users within the DeFi space.
##What is the Yearn Finance Hack?
Now that we have a good understanding of what Aave is and how it operates, let’s take a closer look at the Yearn Finance hack that we mentioned at the outset of this article. On February 25th, 2021, it was reported that the Yearn Finance DeFi protocol had suffered a hack that resulted in the loss of approximately $11 million worth of cryptocurrencies. The hack involved a so-called “oracle manipulation attack,” in which an attacker was able to manipulate price data in order to drain money from Yearn Finance’s vaults.
##What Was Aave’s Response to the Yearn Finance Hack?
In the wake of the Yearn Finance hack, many people within the DeFi space have been wondering whether other platforms were also affected. Aave was one such platform, and the team behind this project made a statement on their social media platform stating that the Yearn Finance theft had no impact on Aave v1. However, the team emphasized that they remain committed to maintaining the highest standards of security and continuing to make improvements to their platform in order to mitigate potential risks.
##How Aave Prioritizes Security
So, how does Aave prioritize security? For starters, the platform uses smart contracts that are audited by multiple third-party auditors in order to ensure their integrity. Additionally, the team behind Aave maintains a bug bounty program that rewards users who are able to identify and report potential security vulnerabilities. Overall, it’s clear that Aave takes security very seriously and is committed to continuing to make improvements in this area as the DeFi space continues to grow and evolve.
##Conclusion
In conclusion, while the Yearn Finance hack was certainly a concerning incident for the DeFi space as a whole, it appears that Aave v1 was not affected by this particular breach. Nonetheless, it’s clear that maintaining the highest standards of security remains a top priority for the Aave team, and they will continue to work to improve the security of their platform moving forward.
##FAQs
**Q**: What is Aave?
**A**: Aave is a decentralized non-custodial lending and borrowing platform that allows users to earn interest on their deposited cryptocurrency holdings while also allowing them to borrow cryptocurrency against their assets.
**Q**: What is the Yearn Finance hack?
**A**: The Yearn Finance hack involved a so-called “oracle manipulation attack,” in which an attacker was able to manipulate price data in order to drain money from Yearn Finance’s vaults.
**Q**: Was Aave affected by the Yearn Finance hack?
**A**: According to the team behind Aave, the Yearn Finance hack had no impact on Aave v1.