In a surprise turn of events, the highly-anticipated launch of Aave V3 has been delayed by an Ethereum voting process. Earlier this week, the platform’s team member Graham tweeted that the upgrade, which includes a host of new features such as cross-chain asset functions and community contribution tools, was set to occur this week.
However, yesterday, it was announced that an Aave Ethereum V3 proposal was up for voting, which will activate its Ethereum pool (3.0.1) by completing all the initial setup and listing WBTC, WETH, wstETH, USDC, DAI, LINK, and AAVE, all of which have already been pre-approved by the community.
According to the announcement post, this governance proposal activates the Aave V3 Ethereum pool (3.0.1) by completing all the initial setups and listing the above-mentioned assets. All its addresses can be found in the network’s address book.
The delay in the launch of Aave V3 is due to the fact that the Ethereum pool was still running V2. After careful consideration, the community decided to deploy a fresh V3 instead of upgrading the V2 pool for increased compatibility between the V3 pools and less general complexity.
The assets to be listed and their respective configurations have been discussed in the governance forum and decided in the snapshot that is mentioned in the announcement post.
Additionally, security procedures have been taken to ensure the proposal execution is simulated within the tests and the resulting pool configuration is tested for correctness. Further, the proposal has been tested using forks on the Aave interface, and its companies have reviewed the code.
This is a momentous occasion for Aave and the entire decentralized finance community, as this upgrade promises to take the platform to new heights. The community is eagerly awaiting the results of the voting and the official launch of Aave V3.
Aave Team Member’s Tweet
According to a January 15th tweet from team member Graham about the launch of Aave V3, it is expected to reduce costs by 20-25% significantly and is set to revolutionize the decentralized lending platform. The new version will also come with efficient mode and other upgrades. However, the community is excited about the launch and is eagerly waiting for the release.
In his tweet, the member disclosed several other organizations’ hard work and dedication in the lead-up to the highly-anticipated launch. The member gave shout-outs to bgdlabs, a Web3 development initiative contributing to the platform.
Additionally, the member tagged Chaos Labs, the economic security and risk management platform for DeFi protocols, and Gaunt Let Network for their contributions and efforts over the past few weeks that have helped make the launch a reality.
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