Gauntlet cuts ties with Aave as risk manager

The firm specialized in risk management for crypto projects, Gauntletstop his collaboration for several years with Aaveciting problems within its DAO.

New Yorker Gauntlet announced on Wednesday that he was ending his relationship with Aave after working for the popular decentralized finance protocol for around 4 years as an independent risk manager.

It’s really amazing to see one of our customers go from rookie to heavyweight. However, over the past year, we’ve struggled to navigate the inconsistent directives and unwritten objectives of key stakeholders,” explained Gauntlet co-founder John Morrow, referring to problems with AIP proposals within the DAO.

Founded in 2018, Gauntlet provides a financial risk modeling platform for testing blockchain protocols. The US company valued at $1 billion since its Series B in 2022 was assisting Aave in managing certain aspects and operations of its decentralized autonomous organization.

Following the announcement, Marc Zellerone of Aave’s leading figures, was quick to respond.

There is no serious unicorn and no corporate board in this world that would allow the team to leave their most prestigious client who has spent over $10 million in recent years and contributed greatly to their brand if there is no more profitable and strategic alternative,” he wrote.

Crypto-loan-focused protocol DeFi is now looking for a new risk manager for its DAO. It has a budget of $1.6 million a year.

Keep up to date with crypto news on our Twitter or Telegram