LayerZero Backs DeFi United With $23M ETH Pledge

LayerZero, an omnichain protocol, has announced its commitment to the DeFi United initiative by pledging $23 million in ETH. The funds will be allocated between two main areas: ecosystem recovery and Aave support. Five thousand ETH will go towards a dedicated recovery fund, while another 5,000 ETH will be reserved for Aave.

The donation marks one of the largest contributions to DeFi United, which has already exceeded $290 million in damage from the Kelp hack. As part of its participation, LayerZero also plans to increase liquidity provision for GHO stablecoin, a collaboration with TokenLogic that aims to boost borrowing capacity.