The Aave Decentralized Finance (DeFi) protocol announced the launch of Aave v3, which represents a significant evolution of the existing liquidity pool model, which promises to increase economic efficiency, enhance existing security measures, and promote further decentralization through DAO development and user experience improvement. – Interface design.

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

The v3 proposal was posted in early November 2021 by team member Emilio, was put to a vote November 4-11 and adopted unanimously by 2,911 community members who voted to award 342,000 Advocate Tokens.

The V3 update brings improvements such as functionality across networks, a community contribution tool, a gas optimization model that is expected to reduce fees 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 solutions implemented by Aave have powered version 3 distributions across a number of blockchain networks, including Polygon, Arbitrum, Avalanche, Fantom, Harmony, and Optimism. The team notes that the rollout of the Ethereum network will follow.

Cointelegraph contacted an Aave representative to gain a deeper understanding of their insights into how the Gateway Gateway will impact the Aave ecosystem, as they said:

“The cross-chain gateway will allow users to transfer their liquidity from one network to another at their own discretion. This will allow each iteration of the protocol on different networks to scale fairly quickly in large letters.”
Related: Aave launches Web3 social networking platform, Lens Protocol

Additionally, referring to methods for measuring success in the areas of “improving capital efficiency, security, and improving decentralization,” as stated in the press release, an Aave spokesperson said, “This is what the community should do.”

According to the analysis provided by DappRadar, Aave is the 6th leading protocol in the Total Value Locked (TVL) rating, having registered $18.5 billion at the time of writing at $125.40.

Also on Wednesday, it was announced that listed financial infrastructure firm Silvergate Capital Corporation (NYSE: SI) has appointed Rebecca Rettig, general counsel for Aave Companies, to its board.

Alan J. Lin, President and CEO of Silvergates noted, “Rebecca’s extensive knowledge of blockchain and digital currency technology makes her a valuable addition to our board of directors,” before stating that “her experience will support us as we continue to provide innovative solutions.” For the fast growing digital currency industry. “

Source: CoinTelegraph