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DeFi protocol Aave launches major update with V4 protocol

defi-protocol-aave-launches-major-update-with-v4-protocol
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DeFi protocol Aave launches major update with V4 protocol

Aave Labs has unveiled its 2030 strategic roadmap, which includes multiple key initiatives such as Aave V4, a new visual identity, and expanded defi functionality.

On May 1, the DeFi lending platform launched a governance proposal dubbed “Temp Check” to solicit community comment on updating its protocol.

At the heart of the plan is the release of Aave V4, which would significantly improve the protocol’s user interface and expand its functionality across many blockchain networks.

The latest version of Aave boasts an improved operational fluidity because of the inclusion of a Cross-Chain Liquidity Layer (CCLL) that enables seamless asset transfers across supported chains.

Aave also announced plans to integrate Real World Assets (RWAs) with its native stablecoin, GHO, in partnership with ChainLink. The algorithmic stablecoin, introduced in July 2023, has a market valuation of $49 million, making it a minor player compared to competitors such as Tether (USDT) and USD Coin (USDC).

Suggestions pertaining to GHO consist of enhancements to the liquidation engine, including “soft” liquidations and variable liquidation incentives, as well as improved GHO integration, including interest-earning options.

An emergency redemption mechanism for GHO depegging scenarios was also proposed as part of the major upgrade.

The plan outlines a three-year development timeline. Aave Labs intends to connect with the community on a regular basis, including feedback sessions and annual reviews, to ensure that the project’s progress is in line with community expectations and changing market conditions.

Aave Labs has also advocated a move from a retroactive to a proactive funding model based on open budgeting and community approval prior to the project’s beginning. The planned budget comprises 15 million GHO and 25,000 stkAAVE for research, development, and security audits in the first year.

Revamped visual identity

Aave has also proposed updating its visual identity to better reflect its strategic future goals and increase brand recognition in the defi industry. The new design strives to convey a modern, distinct image that is consistent with Aave’s inventive approach.

Aave Labs welcomed broad participation from developers and community members in achieving its objectives, emphasizing that the protocol’s governance will remain decentralized. Contributors are encouraged to participate actively in discussions and development processes, thereby shaping the protocol’s future.

Following community feedback, Aave Labs intends to revise and include it in the official Aave Governance Framework before final approval. The documentation for this project is provided under the CC0 license, allowing for open collaboration and extensive contributions.

At the time of writing, AAVE was trading at $83.41, up 3.4% in the last 24 hours, per data by CoinMarketCap. However, the token dropped 8% in the previous week due to the recent decline in the global crypto market.

DeFi protocol Aave launches major update with V4 protocol - 1
AAVE 24-hour price chart | Source: CoinMarketCap