Aave v3 Receives over 573k Votes in Favor of Deploying on Ethereum

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DeFi
Aave v3 Receives over 573k Votes in Favor of Deploying on Ethereum

Leading decentralized lending protocol, Aave has received thousands of votes supporting the deployment of the new Aave v3 Ethereum.

Aave v3 Ethereum in View

DeFi protocol giant and largest cryptocurrency lender, Aave, has recently recorded massive votes from its community to support the deployment of Aave v3 on Ethereum. The votes were concluded and revealed by Aave on its platform on the 11th of October, 2022

Following a community discussion opened on the Aave governance forum on Sep 23, the DeFi firm launched a voting session on snapshot to allow its community members to determine whether Aave v3 should be deployed on Ethereum or not.

“The goal of this vote is for the Aave community to decide a path forward in regards to doing a “clean” deployment of Aave v3 in Ethereum versus upgrading the Aave v2 Ethereum smart contracts to a v3 version”, explained Aave governance.

Aave Community Decides

The Aave community vote was to reach a conclusion that will authorize BGD Labs, Aave’s engine room, to implement developments, engineering-wise, regarding the Ethereum blockchain.

Three options were presented at the poll, the first being the deployment of a new Aave v3 Ethereum, i.e. executing a “clean” new deployment, with v2 and v3 Ethereum living together, separately. The second option was to upgrade v2 smart contracts to v3 with no new deployment. And lastly, the community was offered the option of delaying decisions and hanging more discussions on the topic.

Using the single-choice voting system, Aave governance commenced voting at exactly 11 am on the 4th of October and concluded at the same time on the 11th. At the end of the vote, 99.88% of the community marking over 522,000 Aave members, voted for the deployment of a new v3 Ethereum, 619 votes making about 0.12% voted for the upgrade of v2 smart contracts, while 18 members voted for the continuation of the forum.

Seamless Migration of v2 Smart Contracts

While addressing concerns regarding transitioning to the new v3 Ethereum, Aave has assured its community members of a smooth migration.

According to Aave, there will be automatic migration of positions whereby users of Aave v2 will automatically become users of v3. The addresses of the v2 smart contracts will be exactly the same as v3. This implies that no transaction or migration procedure is required from the Aave v2 Ethereum users.

Also, some integrations will just work from the existing v2, especially those integrations on the smart contracts layer that will work without making major changes to their on-chain infrastructure.

There will also be no liquidity segregation.

The Future of Aave v3 Ethereum

Based on Aave’s roadmap for the deployment of v3 markets on Ethereum, the snapshot vote was to succeed in the community discussion on the firm’s forum, after which a series of events will occur, leading ultimately to the launch of v3 Ethereum.

According to Aave governance, on receiving a positive result on the deployment of a new Aave v3 Ethereum, the Aave community will authorize BGD Labs to deploy. After which, there will be discussions in the community for all initial configurations of the Aave v3 Ethereum, including the initial set of listings and all other protocol parameters.

After this, all necessary improvements will be applied to all v3 instances, including an audit pre-deployment, and smart contracts will be deployed while everything not active will be paused. And finally, Aave governance will present its proposal for the community to activate the pool.