The decentralized finance (DeFi) protocol Aave announced the release of Aave v3, marking a significant evolution of the current liquidity pool model, promising to increase cost-effectiveness, strengthen existing security measures, and facilitate further decentralization through the development of DAOs and an improved user experience. interface design.

The project’s original token holders, AAVE, are eligible to participate in Aave Improvement Proposals (AIP), a chain governance voting mechanism that allows token holders to propose and vote on network upgrades for implementation under the underlying protocol.

Proposal V3 was put forward in early November 2021 by team member Emilio, and Proposal v3 was put to a vote from November 4 to 11 and passed unanimously by 2,911 community members who voted for 342,000 invitation characters.

The V3 update brings improvements such as cross-chain features, a community contribution tool, a gas optimization model that is expected to reduce taxes by 20-25%, and a high-efficiency mode, among others.

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 others.

Previous management decisions assisted by Aave have catalyzed the spread of version 3 across a number of blockchain networks, including Polygon, Arbitrum, Avalanche, Fantom, Harmony, and Optimism. The team notes that the rollout of the Ethereum mainnet will follow.

Cointelegraph contacted an Aave representative to explore in more detail their vision of how the gateway portal could impact the Aave ecosystem, where they stated:

The cross-network portal will allow users to transfer their liquidity from one network to another at their own discretion. This will allow each iteration of the protocol to scale very quickly across different networks with capitalization depth. ”
Related: Aave launches Web3 social networking platform, Lens Protocol

In addition, an Aave spokesperson talked about how to quantify success in the areas of “improving capital efficiency, security, and improving decentralization,” as mentioned in the press release, stating, “This is what society should be doing.”

According to analytics provided by DappRadar, Aave is the sixth leading protocol in the Total Locked Value (TVL) ranking after registering $18.5 billion at the time of writing along with a price level of $125.40.

Silvergate Capital Corporation (NYSE: SI) on Wednesday announced the appointment of Rebecca Rittig, Attorney General of Aave Companies, to the Board of Directors.

Alan J. Lin, President and CEO of Silvergate, noted, “Rebecca’s extensive knowledge of blockchain and digital currency makes her a valuable addition to our board,” before saying that “her experience will support us as we continue to deliver innovative solutions.” for the fast growing crypto industry.” “

Source: CoinTelegraph