- Aave Ethereum V3 technical upgrade approved by Aave Holders
- Vote results revealed a total vote of 706,258 AAVE or 100% support.
- Following the governance vote, Aave Ethereum V3 will be activated.
Aave’s community approved Aave Improvement Proposal. This governance proposal seeks to activate Aave V3 via Ethereum.
As 100% of the vote supported technical upgrades, 706,258 AAVE were staked. This upgrade will also list WBTC and WETH as well as USD Coin (USDC), DAI and LINK. The tokens were already approved by the community.
“The community has spoken and we have the light to deploy Aave Protocol V3 on Ethereum Mainnet. More details to come tomorrow,” the Aave team tweeted.
The proposal was submitted on 22 January 2023. Voting began on 26 January 2023 at 03:00 UTC (Block height: 16488207). Currently, the proposal is shown as “queued” on the Aave websiteDetails of how this can be done within 12 hours
Aave V3 is already in use on major chains
Aave V3 was a highly anticipated upgrade set to the Ethereum mainnet. It is the improvement proposal that follows the decision not to update the V2 pool but to deploy V3 afresh.
AAVE V3 has been deployed on major networks in March 2022, and was available on Avalanche Arbitrum, Optimism, Optimism, and Polygon. But while V3 introduced architecture flexibility and improved composability, the same features did not go live on Aave’s largest market.
Currently, Ethereum accounts for over $5 billion in total value locked (TVL) on Aave’s V2 protocol.
The AIP stated that the upcoming upgrade will improve compatibility between V3 pools and reduce overall complexity.
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