Aave gets a makeover – Aave is one of Ethereum’s flagship protocols. Launched in January 2017, the protocol has always been at the forefront of innovation. Obviously, this one does not intend to stop there and prepares the deployment of its V3.
Aave V3: a new version for the ghost of DeFi
It has now been almost a year since the developers of Aave revealed their desire to deploy a third iteration of the protocol.
Thus, last February, Aave V3 has been deployed on the various Ethereum testnets. The protocol will then be deployed on no less than 6 other blockchains in March.
Obviously, who says new version says new features. Thus, this new version of Aave includes two major developments as well as various improvements and optimizations.
Aave Portal: towards better cross-chain compatibility
Since its launch on Ethereum, the Aave protocol has migrated to many other DeFi blockchains. In total, Aave operates on 7 different blockchains, each with their own markets.
With the deployment of its version 3, Aave unveiled a new service called Portal. In practice, Portal is nothing but a bridge allowing to connect the different instances of the protocol.
Via this service, users will be able to more easily transfer funds from one instance to another. In addition, Portal will allow a better exploitation of the liquidities dispersed through the 7 blockchains.
>> There won’t be enough for everyone! Earn $20 bonus in USDT by making a first trade after registration on Bitget via this trade link <<
Fashionable insulation: a Pandora’s box for risky assets
Obviously, Aave couldn’t update without making security improvements.
Thus, Aave V3 introduces a new feature called “Isolated Mode”. In practice, this makes it possible to create a new type of isolated liquidity pool. Therefore, these pools cannot interact with other protocol pools.
Concretely, this makes it possible to add new potentially risky assets, while ensuring that a flaw would not affect the protocol as a whole.
New version, new contracts on Ethereum
As we have seen previously, Aave V3 has already been deployed on different blockchains. In some cases, this was the first version of Aave to be deployed on the blockchain.
The case of Polygon and Avalanche
However, in other cases like Polygon or Avalanche, version 2 of Aave was already deployed. Thus, it was necessary to decide if the Aave V3 protocol was going to replace Aave V2 via an update, or if the deployment of Aave V3 would take place in parallel.
“Regarding proposed deployments to networks where Aave v2 already existed (Polygon, Avalanche), one topic that came up was whether the way forward should be to upgrade smart contracts from v2 to v2. v3 (given that it was theoretically possible to do this by modifying the v3 implementation) or just doing a new “clean” deployment of Aave v3, and letting v2 and v3 live together on those networks. »
In both cases, the community voted for a deployment of Aave V3 alongside the V2 contracts.
The case of Ethereum
Obviously, as the deployment on the mainnet of Ethereum approaches, the same questions have emerged. Therefore, after debatethe Aave teams have launched a governance vote to seek the opinion of the community.
Thus, Aave token holders can now vote for the method of their choice. The vote was launched on October 4 and will close on October 11.
For the moment, the deployment of new contracts for Aave V3 wins the vote hands down with 99.99% of the votes in favor.
At the same time, Aave is multiplying initiatives. Thus, at the beginning of September, the company Aave Company obtained its license to establish electronic money in Europe. Consequently, it can now offer financial services using the Aave protocol.
Are the financial markets in danger of collapsing? Make the choice of sure values, Bitcoin and Ethereum! Sign up on Bitget and enjoy a $20 gift in USDT from your first trade! Limited-time offer, reserved for the first 1000 subscribers (commercial link, see conditions on the official website).
We would like to give thanks to the author of this article for this outstanding web content
Ethereum: new contracts for the deployment of Aave V3
Check out our social media profiles as well as other related pageshttps://metfabtech.com/related-pages/