Aave پس از قفل کردن درب خروجی بیت کوین، tBTC را منجمد می کند

Key Takeaways Aave froze new tBTC supply and borrowing. Withdrawals return tBTC, not native Bitcoin. Liquidation threshold stays at 78%. Paused redemptions remove a key price anchor. Risk provider LlamaRisk set out the October 31 restrictions on Aave V3 Ethereum Core in a governance update, after Threshold paused redemptions of tBTC into Bitcoin. What still works on Aave OFF New tBTC deposits OFF Borrowing power from tBTC ON Repaying loans ON Withdrawals, where allowed ON Liquidations “Allowed” carries weight on the withdrawal line. Under Aave’s protocol rules, a withdrawal depends on how much tBTC in the pool is not lent out, and on the account staying adequately collateralized, so an open function does not guarantee every holder can pull a full balance at once. Borrowers also lose one way to protect a position. With new tBTC supply blocked, they cannot top up with more of it; repaying debt or adding other eligible collateral are the remaining options. Why withdrawing is not redeeming tBTC brings Bitcoin exposure to Ethereum and other networks through a bridge that, according to Threshold’s documentation, is secured by groups of operators using threshold cryptography. Moving the token between Ethereum addresses and releasing BTC on the Bitcoin network are separate operations, which is why one can stop while the other continues: Withdraw from Aave → tBTC lands in your wallet Sell tBTC → whatever a buyer pays, at the buyer’s price Redeem through Threshold → native BTC · paused Redemption is the step that needs the bridge itself. According to Alea Research’s report on Threshold, it requires cooperation from a supermajority of the bridge’s signers, and a separate guardian layer can pause redemptions it considers suspicious. A pause is a designed safety brake. On its own, it says nothing about whether the reserves are there, the same gap between backing and access that applies to other Bitcoin-backed tokens. Zero borrowing power, collateral value intact Aave’s guardian multisig executed the freeze transaction at 10:01 UTC on October 31. Its event logs set tBTC’s borrowing loan-to-value ratio to zero and leave the liquidation threshold at 78%. The first setting decides how much new debt the collateral can support, and zero means none. The second decides when an existing loan can be liquidated, and leaving it untouched means no position was pushed toward liquidation by the freeze itself. tBTC still counts at its oracle value for loans already open: Hypothetical position $100,000 tBTC × 78% = $78,000 of liquidation headroom against $60,000 of debt Health factor 1.3 tBTC’s oracle price could fall about 23% before liquidation That cushion is unchanged by the freeze. It shrinks if the oracle price falls or interest accrues, and the exact figure depends on each account’s settings.