Decentralized finance protocol (DeFi) Aave has announced the launch of Aave v3, which represents a significant evolution of the existing model of liquidity pools by promising to improve financial efficiency, Strengthening current security measures, promoting greater decentralization through DAO development, and improving user interface design.
Holders of the project’s native tokens, AAVE, are eligible to participate in Aave Improvement Proposals (AIPs) – an on-chain governance voting mechanism that gives token holders the ability to propose network upgrades for implementation within the core protocol and above vote.
Released in early November 2021 by team member Emilio, the v3 proposal was put to the vote on November 4-11 and was unanimously accepted, with 2,911 community members voting with the allocation of 342,000 advocacy tokens.
The v3 upgrade introduces improvements such as:
In addition, a number of decentralized wallet applications (DApps) will be integrated into the v3 platform, including Instadapp, Debank, 1Inch, Paraswap, Zapper, DeFisaver, Zerion and more.
Previous governance decisions facilitated by Aave have become the catalyst for v3 deployments across a number of blockchain networks, including Polygon, Arbitrum, Avalanche, Fantom, Harmony, and Optimism. The team noted that Ethereum mainnet deployment is to follow.
Cointelegraph reached out to an Aave spokesperson for a deeper dive into their vision of how the cross-chain portal could impact the Aave ecosystem, of which they stated:
“The cross-chain portal will allow users to port their own liquidity from one network to another at their discretion. This allows each iteration of the protocol across the different networks to scale quite quickly with depth of capitalization.”
See Also: Aave Launches Web3 Social Media Platform Lens Protocol
In addition, speak on the Methods for identifying quantitative wins in the areas of “increased capital efficiency, security, and improved decentralization,” as noted in the press release, Aave’s spokesperson stated, “this is something the community needs to do.”
According to analytical data from DappRadar, Aave is the sixth leading protocol in the Total Value Locked (TVL) ranking and is listed at $18.5 billion at a price level of $125.40 at the time of writing.
Also announced Wednesday that a publicly traded financial infrastructure company, Silvergate Capital Corporation (NYSE:SI), has appointed Aave Companies’ general counsel, Rebecca Rettig, to its board of directors.
Silvergate President and CEO Alan J. Lane remarked, “Rebecca’s breadth of knowledge in the blockchain and digital currency space makes her a valuable addition to our board,” before stating that “her experience will assist us in providing innovative solutions for the.” fast growing digital currency industry.”
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