BlocksInform
- Aave holder endorses the major engineering upgrade called aave ethereum v3.
- The results of the votes showed a total of 706,258 aave, in other words 100% support.
- Aave ethereum v3 is activated after the election on governance.
The Aave community has approved an Aave Improvement Proposal (AIP), a governance proposal seeking to activate Aave V3 on the Ethereum network.
A total of 706,258 aave was staked out as 100 percent of the votes supported the technical upgrade, which will also list wbtc, weth, wsteth, dollar (usdc), dai, link, and aave. The tokens had been pre-approved by the community.
“The community has talked and we have the light to deploy Aave Protocol V3 on the main network of Ethereum. More details to come tomorrow,” the Aave team tweeted.
The proposal was created on 22 January 2023, when the vote began one day later and ended on 26 January 2023 at 05:48 utc 03:00 (block height 16488207). Currently, the proposal is shown as “queued” on the Aave website, with details that this can be executed within 12 hours.
Aave V3 already rolled out to other large chains.
Aave V3 is a highly anticipated upgrade set for the Ethereum mainnet,with the improvement proposal following the decision to have V3 deployed afresh instead of a software update to the existing V2 pool.
In particular, aave v3 is already live on several major networks, having rolled out in March 2022 on avalanche, arbitrum, optimism and polygon. However, while v3 introduced the flexibility of the architecture and improved composability, the same functionalities have not been implemented in Aave's largest market.
At the moment, ethereum represents more than 5 billion dollars in total value blocked (tvl) on aave protocol v2.
The next upgrade will improve compatibility between v3 pools and reduce the overall complexity, reading AIP.
