Babylon Foundation to deposit $3M USDT into Aave as part of DeFi United initiative

The Babylon (BABY) Foundation announced via X that it plans to deposit 3 million USDT into Aave (AAVE). The move is part of the "DeFi United" initiative, a collective response from the decentralized finance (DeFi) industry to the aftermath of the KelpDAO hack. Babylon will allocate $2 million of the 3 million USDT to Aave's V3 and $1 million to its V4. Interest earned from the deposit will be reinvested into Aave to support the recovery of the DeFi ecosystem. DeFi United, led by Aave and Mantle, was established to address the consequences of the KelpDAO hack and includes numerous DeFi partners. As of last weekend, the initiative had raised a total of 69,642 ETH, worth approximately $161 million, to restore the stability of rsETH.