KELP rsETH BACKING SCENARIOS FROM LLAMARISK

1. Full socialization

• Mainnet and L2s are treated equally

• Backing loss: 15.12%

• Aave's bad debt: $123,708,727

• Umbrella covers $54,060,000 only of mainnet losses (60%)

2. Losses isolated to L2s

• Mainnet retains full value, L2s take the loss

• Backing loss: 26.46%

• Aave's bad debt: $230,113,582 (only L2s)

3. Aave coverage plans:

• DAO holds $181m ($62m in eth-correlated, $54m in Aave, $52m in stablecoins)

• 80% of ETH in umbrella has requested a withdrawal

• Llamarisk suggested pausing the module. Withdrawals cannot be finalized while paused

• If losses are passed onto L2, umbrella would not be used

• A point to consider is that when there's a liquidation and utilization is 100%, the fallback is to receive aWETH instead, which keeps the liquidator’s capital in the reserve until utilization drops.

This is dependant on what Kelp decides and negotiates with L0

Source: governance[.]aave[.]com/t/rseth-incident-report-april-20-2026/24580 @LlamaRisk

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