DeFi protocol Aave to deploy V3 upgrade on Ethereum

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  • Aave holders approve major technology upgrade called Aave Ethereum V3.
  • The results of the vote showed a total of 706,258 AAVEs, or 100% support.
  • Aave Ethereum V3 is set for activation following the governance vote.

Come on The community has approved the Aave Improvement Proposal (AIP), a governance proposal seeking to activate Aave V3 Ethereum network.

A total of 706,258 AAVEs were voted as 100% supporting the technical upgrade, which will also list WBTC, WETH, WSTETH, USD Coin (USDC), DAI, LINK, and AAVE. The community had already pre-approved the token.

,The community has spoken and we have the light to deploy Ave Protocol V3 on the Ethereum mainnet. more details to come tomorrowCome team Tweeted,

The proposal was made on 22 January 2023, while voting started a day later and ended on 26 January 2023 at 05:48 UTC +03:00 (block height 16488207). Currently, the offer is shown as “Queued” on Aave WebsiteWith details that it can be executed within 12 hours.

Aave V3 already deployed on other flagship series

Aave V3 is a highly anticipated upgrade set for the Ethereum mainnet, with improvements proposed following the decision to deploy V3 afresh instead of software updates to the existing V2 pool.

Notably, AAVE v3 is already live on various major networks, with Avalanche, Arbitrum, Optimism and Polygon being deployed in March 2022. But while V3 introduced architecture flexibility and improved composability, the same features didn’t go live in Aave’s biggest market.

Currently, the total value of Ethereum locked (TVL) on Aave’s V2 protocol is over $5 billion.

The upcoming upgrade will increase compatibility in the V3 pool and reduce overall complexity, the AIP read.

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