BlockBeats report, March 13: Aave founder Stani.eth responded to 「a user lost over $50 million due to slippage on an AAVE purchase」: Given the unusually large size of this single order, the Aave interface, like most trading platforms, warns users of abnormal slippage and requires confirmation via a checkbox. The user confirmed the warning on a mobile device, accepted the high slippage, and proceeded with the swap, ultimately receiving only about 324 AAVE. The transaction could not proceed without the user explicitly confirming the risk via the checkbox.
The CoW Swap router is functioning as intended, and the integration adheres to industry-standard specifications. However, while users were still able to complete swaps, the outcome was clearly far from optimal. Such incidents do occur in DeFi, but the scale of this transaction far exceeds what is typically seen in the space. We empathize with our users, will attempt to reach out to them, and will refund the $600,000 fee charged in the transaction.
The key takeaway is that while DeFi should remain open and permissionless, allowing users to trade freely, the industry can still implement additional safeguards to better protect users. Our team will explore ways to improve these protections in the future.