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Ethereum’s DeFi To Get Boost With This Upcoming Launch

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After a widely reported DAO voting, Ethereum is ready to welcome the debut of Aave V3 shortly. The decentralized lending protocol has submitted a proposal called “Aave Ethereum V3” and asked its community for votes to activate the Aave V3 Ethereum pool [3.0.1].

As per the proposal, the pool would list pre-approved tokens like WBTC, WETH, wstETH, USDC, DAI, LINK, and AAVE once the initial setup is finished.

A week prior, the platform’s team member Graham informed 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, TronWeekly reported.

However, the highly-anticipated launch of Aave V3 got delayed as community members contemplated two main options:

One was to deploy new V3 contracts while maintaining the old V2, and the other was to update existing V2 contracts to the new V3 code.

Although technically challenging to achieve, upgrading would have allowed the protocol to retain the addresses of important contracts [such as Pool, Addresses Provider, tokens, debt tokens, etc.].

The second solution, which involved installing V3 contracts while leaving V2 contracts in place, was safer, but it required Aave users to transfer deposits to V3 instead.

Stani Kulechov, founder and CEO of Aave, wrote.

“Upgrading the Aave Protocol Ethereum V2 to V3 market directly would have indeed created some seamless experiences for the users, at the same time creates an event that would require a lot of security procedures and places substantial assets at risk.”

The community subsequently agreed with Kulechov and voted in favor of this option — deploying a new V3 pool instead — with 99.9% of voters opting for the latter.

The launch is being praised by other Eth DeFi players that use Aave’s protocol to access liquidity.

“A Big Step In Ethereum DeFi Space”

Kethfinex, a pseudonymous representative for Lido, a leading protocol in Ethereum DeFi that plugs into Aave, hailed it a “big step forward for the Eth DeFi space.”

Having said that, Ethereum retraced back to $1,530 in tandem with the broader market-wide dip. After ascending to $1671 on Jan 21, the second-largest crypto witnessed a sharp increase in massive profit-taking transactions before falling back by over 8%.

This drop, as per on-chain data provider Santiment, has led to a rise in ETH conversations that accounted for 21% of crypto asset discussions. “This FUD could benefit prices mid-term,” it noted.

Aave V3 Launch Delayed By Ethereum Voting Process

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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.

Related Reading | Ethereum Liquid Staking Market Booms With Lido & Rocket Pool Leading The Way: Report

Helium (HNT) and Aave (AAVE) Prices Remain Strong In Bear Market, Orbeon Protocol (ORBN) Selling Out Fast In Presale

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It looks like Orbeon Protocol (ORBN) is selling out fast following its 655% price increase, while Helium (HNT) and AAVE have largely remained stable in the face of bearish market momentum. As of the writing of this article, ORBN is quickly selling out during phase 3 of the presale, while the rest of the market is still struggling to keep up. So why is Orbeon Protocol (ORBN) doing so well?

>>BUY ORBEON TOKENS HERE<<

Orbeon Protocol (ORBN)

The venture capital industry can be impossible to access for everyday investors. It’s often dominated by a select few players who hold all the cards and make it difficult for anyone to access with minimal capital.

Through its platform, Orbeon Protocol (ORBN) allows users to invest in emerging businesses and startups, giving them access to investment opportunities that would otherwise be inaccessible. This means startups can get the funding they need to much more efficiently than is possible in the traditional VC market.

For investors, it means anyone can get in on the action and support the next big thing, no matter how small their investment may be. This is possible thanks to the fractionalized, equity-backed NFTs that are minted and issued by startups seeking to raise capital on the Orbeon Protocol platform.

But the rewards don’t end there — holding the ORBN token entitles users to a variety of benefits, including discounted trading fees, first access to new funding rounds, passive income via staking, membership to private investor groups, and more.

The countdown is on for Phase 3 of the Orbeon Protocol (ORBN) presale, which is expected to sell out before its official end in late January. Following analyst predictions that ORBN will see a 6000% price increase during its presale, investors are flocking to it along with other high-growth tokens on the market, such as Helium (HNT) and AAVE.

>>BUY ORBEON TOKENS HERE<<

Helium (HNT)

Helium (HNT) is a decentralized network that powers the Internet of Things (IoT). It is designed to let users build and operate secure, low-cost wireless networks for IoT devices. The Helium (HNT) team has made it easy for developers to create applications using Helium’s API and developer tools.

The network is run by a new consensus algorithm, proof-of-coverage, which verifies the location of hotspots and devices on the Helium (HNT) network. The team has also built-in incentives, such as rewards for users who create and run hotspots, which help to ensure that the network remains secure.

But while Helium (HNT) sounds interesting, it hasn’t been doing too great in the market lately. As of this writing, Helium (HNT) is trading at $1.96, down 96% from its all-time high of $55.22 in November 2021.

Aave (AAVE)

Aave (AAVE) is a decentralized finance (DeFi) protocol for the borrowing and lending of digital assets. Simply put, it allows users to deposit their crypto assets into a smart contract and earn interest on them.

But that’s not all — AAVE also provides features such as flash loans, fixed-term deposits, yield optimization strategies, and more. The protocol is highly secure and transparent; it uses an automated market maker (AMM) to determine the interest rate of loans and deposits, as well as what assets are available.

In theory, the AAVE protocol is a much-needed financial tool. However, the economic turndown has caused a significant decrease in its user base, with the market wary about depositing into a DeFi protocol like AAVE.

Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register 

Telegram: https://t.me/OrbeonProtocol  

Along With AAVE Robinhood Enables Transactions Of These New Tokens

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According to a recent tweet, the stock brokerage app Robinhood has made transfers for Aave (AAVE), Stellar (XLM), and Tezos (XTZ) possible. These tokens can now be sent and received on Robinhood by users.

This year saw widespread adoption in the crypto-sphere. Popular trading platform Robinhood later added several different cryptocurrencies and increased its market share. During this time, rumors that Robinhood would be purchased by the cryptocurrency exchange FTX started to circulate. The platform set out on a new adventure as those rumors were put to rest.

The native cryptocurrency of Stellar, a blockchain-based payment network, is Stellar Lumens (XLM), while AAVE is the original asset of Aave, a decentralized finance protocol that enables crypto lending and borrowing. The native coin of Tezos, an open-source blockchain that supports peer-to-peer transactions and works as a deployment platform for smart contracts, is called XTZ.

Avalanche (AVAX) transfers were made possible last September when Stellar (XLM) and AVAX were both listed on Robinhood in August. Even though the trading platform initially seemed to take a cautious approach to listing digital assets, its cryptocurrency offering has significantly risen this year.

Robinhood lists AAVE and XTZ

The major stock trading firm added the DeFi cryptocurrency AAVE earlier this week, according to a tweet from the Robinhood account. The token’s placement alongside Tezos (XTZ) was made known by a cryptocurrency listing bot. On the official Robinhood website, both coins are now visible.

Earlier this month, USD Coin (USDC), the second-largest stablecoin by market capitalization, was listed on Robinhood. The overall number of cryptocurrencies supported by Robinhood is 19, including the first stablecoin, USDC, as well as Bitcoin, Ethereum, Litecoin, ADA and Dogecoin.

The company has launched a number of additional coins this year, including Shiba Inu, Polygon, Solana, and Chainlink, bringing the platform’s total number of cryptocurrencies in its portfolio to 19.

However, the SHIB listing on the well-known trading platform Robinhood was unquestionably a huge milestone. The Shiba Inu community wanted its preferred token to be featured also as a result of the rising interest in Dogecoin [DOGE] on the platform. As a result, several tweets and even a petition were created pleading with Robinhood to include the meme coin. Finally, SHIB obtained one of the most sought-after listings on 12 April 2022.

Crypto Market Reversal: Aave And MKR Show Promise Amidst Market Decline

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Gains were muted following Monday’s breaking trend, even though the major cryptocurrencies on the market are experiencing instability today. While AAVE and Maker (MKR) are both exhibiting life on daily and weekly charts.

The Aave platform’s native cryptocurrency, AAVE, is up 2.6% over the previous day. But since its latest bottom last week, the token has increased by more than 15.1%, according to CoinGecko Statistics.

More significantly, the second in line of Wednesday’s gainers is MKR, an ERC-20 token native to the Maker protocol that was up 2.0% from yesterday and up 12.8% from last week.

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AAVE is currently trading at $81.88 | Source: Tradingview.com

Nevertheless, the past weekend proved unfavorable for the cryptocurrency market, even including the top currencies. Prices began to rise at first this new week, but unfortunately, they started reversing trends again just after.

The global crypto market cap was down at $923.27 billion, a marginally low of about 1.07% in the last 24 hours. While on the other hand, the total trading volume jumped more than 1.11% to $51.74 billion.

Along with other coins, leading coins such as Bitcoin (BTC) and Ethereum (ETH) also lost their Monday gain due to decreased volume and volatility in today’s crypto markets. 

BTC is currently at $19,189, which is 2.10% less than it was yesterday, while Ethereum is also down by about 2.18% at $1,298.65.

Aave And MKR Making Progress Toward Recovery

AAVE was fighting against a crucial trendline of resistance, and this line coincided with its 50-day moving average ranging from $79 to $80.

In September, the token reached a considerable level of $96.11. The token’s price then plunges to new lows and fights to recover its value, floating during the whole month between $70 and $79, according to the data from CoinMarketcap.

After trading at $81.21 for the past 24 hours, it seemed like the token had broken through this key barrier for the first time this month and passed through after struggling for so long. 

In addition, the token’s starting price was $262.21 in 2022. Since the start of the year, the price has dropped by 69%. The predicted token price by the end of 2022 is $95.23, which will increase to $138.08 in 2023.

Furthermore, MKR coin’s market cap rose to over $1 billion, and the token price is now worth $1,070. Although it’s difficult to find the specific reason behind this change. 

The proposal made by Tyler Winklevoss, co-founder of Gemini Exchange, to integrate Gemini’s stablecoin, GUSD, into his company’s platform might have been the trigger for the rise of MRK’s market cap.

Related Reading |  Cardano [ADA] Transaction Fees On MuesliSwap Drops By 50%

Ethereum PoS transition to take Aave community’s help

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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.

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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.

AAVE Pumps 114% And Witnesses Massive On-chain Activity

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AAVE token on-chain activity reached a yearly high, which is consistent with the most recent 114 percent price increase on the market. The launch of the GHO stablecoin is the primary cause of the increased on-chain activity and excellent market performance.

AAVE’s GHO proposal recently received the green signal

The most current proposal, which has not yet been adopted through the AAVE Improvement Proposal, states that the AAVE network decided to issue the native blockchain-based stablecoin GHO.

Users will be able to borrow GHO against other cryptocurrency assets and earn interest.

Loans taken out in GHO will have interest added to them by the protocol itself, and payments will be sent back to the Aave DAO.

According to reports, AAVE intends to link GHO to both the USD and the range of cryptocurrencies placed on the platform. The stablecoin’s native interest rate will be set by the DAO that created it.

The network has been waiting patiently for the native stablecoin, which will serve as a link between the platform and other protocols.

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AAVE Pumps 114% And Witnesses Massive On-chain Activity 5

The voting period for the proposal’s snapshot ran from July 28, 2022, through July 31, 2022. Over 99.99 percent of the 1,793 voters approved the plan, ensuring that it passed with flying colors.

The DAO will now be in charge of overseeing the stablecoin’s generation because the proposal has been accepted. DAO members who have more than 501k AAVE cast a vote in favor of the motion.

Following the proposal’s approval, GHO borrowers will be allowed to continue earning interest on the specified collateral.

The token is now moving in a local downtrend, as shown by the asset’s daily chart, which also shows a price slump of 6.7% over the previous day. But the token has pumped almost 114% from its bottom. It is currently trading at $91.16.

AAVE submits proposal for its native stablecoin, GHO

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DeFi protocol AAVE offers a plan to develop GHO, a native stablecoin backed by collateral and pegged to the USD. The company behind this Defi protocol, Aave Companies, put out a proposal for its decentralized stablecoin. AAVE published the announcement on its most recent blog.

AAVE to allow users to mint GHO against collateral

According to AAVE, the community of users might choose from a variety of cryptocurrency assets to back the stablecoin. Users of the community can mint stablecoins using the assets they have pledged as collateral. While being held as collateral, the assets will also produce yields.

Screenshot 69

On the Ethereum mainnet, GHO, a decentralized stablecoin, will be introduced. Users must offer collateral at a specific ratio to mint GHO in order to borrow it. The protocol will burn the user’s GHO once they have paid back the borrowed position.

All interest payments generated by GHO minters would be instantly transferred to the AaveDAO treasury instead of the typical reserve component that is taken into consideration when users borrow other assets.

The proposal also introduces the idea of “facilitators.” If accepted, this proposal will provide the secure creation and burning of GHO tokens. The interest rates for GHO’s borrowing will be set by AaveDAAO. It will be determined by the state of the market.

The token team hopes that GHO will be more widely used both inside and outside of the crypto industry. The team has claimed that GHO will also have reasonable transaction costs for L2s.

In a word, GHO will be over-collateralized by a variety of assets and decentralized. It will be supported by a variety of collateral options that will be supported by the token’s protocol.

A snapshot that decides the fate of the GHO and whether to proceed with the GHO will be used to select the proposal.

The DeFi protocol introduced version 3 in March 2022, which has a component named Portal. The protocol can now run stably across all blockchains thanks to Portal. That implies you may now take part in lending or borrowing procedures on chains like Solana or Avalanche utilizing the DeFi protocol.

‘Aave Pro’ gears up to onboard institutional investors in DeFi

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The prominent decentralized finance [DeFi] money market, Aave, is preparing for the launch of its “pro” version dubbed “Aave Pro,” a permissioned platform for institutional investors sometime in July. Stani Kulechov, the founder of the platform had first teased about the professional version two months back.

According to the announcement, Aave Pro would enable the entry of institutions, fintech, and the corporate world to access decentralized finance grade yields on the platform after certain criteria are met.

Besides, right after the development, the protocol’s native token AAVE noted a fresh uptick despite a market-wide dull price action. It jumped by 30% weekly, which drove its price above $266 at the time of writing. It was the fourth-largest DeFi token with a market cap of $3.38 billion and a 24-hour trading volume of $481 million.

Aave
'Aave Pro' gears up to onboard institutional investors in DeFi 8

What does Aave Pro entail?

A DeFi trader also shared a screenshot of the email sent out by Aave which revealed that the Pro platform leverages tested and audited V2 smart contracts. Only participants with proper Know-Your-Customer [KYC] verification will be allowed to access its pool. Initially, the launch will introduce support for just four assets – Bitcoin, Ethereum, USDC, and Aave, due to institutional demand. Additionally, the liquidity pools of Pro will be kept separate from that of the regular liquidity pools of the decentralized lending protocol.

Eventually, the platform also intends to decentralize the governance of Aave Pro.

It also stated that the Pro edition will be launched in collaboration with digital asset and settlement Fireblocks. The custodian service provider had previously partnered with DeFi platform Compound to enable high-profile market players such as institutions like market makers, hedge funds, and exchanges to access DeFi features via the lending platform.

Meanwhile, this news comes at the heels of an ongoing lawsuit against the security platform by StakeHound. The latter had sued Fireblocks over the alleged deletion of private keys to a wallet that had 38,178 ETH, equating to more than $72 million at the time.

DeFi TVL crashes by over 37% in less than a Fortnight

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In what seemed like defi heading for another hot summer, instead felt the burn of the market-wide sell off.

It world of decentralized finance has been one of the biggest drivers of the surge in the broader cryptocurrency market over the past few months. However, the space has taken quite the beating after the series of massive corrections unfolded in the market last week.

According to the most recent DeFiLlama stats, the total value locked [TVL] across all decentralized finance platforms tumbled from an all-time high of $164.2 billion on May 10th to $95.5 billion two weeks later.At the time of writing, the TVL value had noted minor recovery and was found to be at $102.9 billion. However, it was still down by more than 37% in a period of fewer than two weeks.

DEFI
DeFi TVL crashes by over 37% in less than a Fortnight 10

It all started with Tesla Technoking, Elon Musk blocking Bitcoin payments which sparked the first major instance of sell-off. Bitcoin also suffered a setback after the hackers of Colonial Pipeline siphoned off with $90 million in a BTC ransom. In addition, China’s back-to-back reports on crackdowns of the cryptocurrency space further proved damaging.

DeFi tokens crumble

The crash in the defi space’s TVL is a result of the depreciation in the value of the tokens. The correction in the market has hit investors hard, especially the newer cohort, most of whom forayed the ecosystem at the beginning of the bull season that started late last year.

Over the past week, these tokens have tanked way more than Bitcoin [BTC] and Ethereum [ETH]. Top tokens such as Uniswap [UNI], Chainlink [LINK], Aave [AAVE], Maker [MKR] was still down by more than 45%, 40%, 44%, and 24% respectively.

Several projects on the decentralized finance space this quarter either pulled the rug or executed an exit scam or suffered a flash loan. These were especially observed on multiple Binance Smart Chain protocols which further added to the investors’ woes.