Owners of Aave (AAVE) tokens have been contacted to participate in an ARC that would force them to “commit” to Ethereum’s proof-of-stake (PoS) consensus.
The ARC was put forth on Tuesday in anticipation of Ethereum’s impending switch to proof-of-stake. Members are asked to decide on the Ethereum mainnet’s PoS consensus implementation as the new “canonical” governance system, and they are also given the ability to ban any Aave deployments on any other Ethereum forks.
Aave’s decentralized autonomous organization (DAO), which enables holders of AAVE tokens to vote on software advancements and Aave protocol improvements, will soon post the proposal.
The plan has two key specifications, which are listed on Aave’s governance website. The Aave DAO implemented on Ethereum mainnet’s PoS consensus will be officially acknowledged by members as the “canonical governance [mechanism]” of the Aave DAO and Aave marketplaces.
The Community Guardian will also have the power to stop any Aave deployments on any other forks that result from the Ethereum Merge after receiving a signal, which is the second provision.
The results of the governance vote should provide a clear indication of how Aave members feel about the switch from PoW to PoS.
Ethereum merge is all set to take effect
The deployment of Aave v3 on the Ropsten and Goerli testnets during the Merge testing allowed Aave to claim that their code was “totally functional” with ETH’s consensus update in the report.
The Ethereum Merge, which will see the blockchain switch to proof-of-stake (PoS), may occur earlier than anticipated after core developers published a preliminary Merge date of 15 September 2022.
In a developer teleconference, last week, core developers including Tim Beiko and Terence Tsao, co-founder of Prysmatic Labs, decided that the ETH mainnet Merge date will be when Total Terminal Difficulty (TTD) reaches 58750000000000000000000.
Aave was initially launched on the ETH mainnet and is currently available on Avalanche, Arbitrum, Optimism, Polygon, Fantom, and Harmony. Aave’s market and the token price could be affected by any alternative ETH forking that results from the Merge because $5.44 billion, or 72.6%, of its total value locked (TVL), is based on the world’s second-largest token.