Decentralized non-custodial lending and borrowing protocol Aave is voting to execute its third iteration, or v3, on the Ethereum blockchain, a critical moment for the decentralized finance (DeFi) community, which hopes to benefit from v3’s focus on risk management and capital efficiency.
Aave token holders have voted to activate the new iteration of Aave on Ethereum, which Aave is calling the “most significant upgrade to the Aave Protocol” since it launched in January 2017.
The vote ends on January 25, 2023, at 18:58 UTC and if the proposal passes, the deployment will execute on Friday, January 27.
Aave is the largest lender in the DeFi space, with $3.8 billion in total value locked (TVL) across the Ethereum ecosystem. The new version is aimed at improving user experience, risk management and capital efficiency.
Some of the new features that will now come to Ethereum are efficiency mode, or “eMode” but in a limited manner.
Aave v3 Ethereum market will only include the following pre-approved assets: wBTC, wETH, wstETH, USDC, DAI, LINK and AAVE.
