Aave Begins Migration From LEND to AAVE, Announces Staking, Other Platform Developments
- The organization said that they will assist clients during the transition and have provided detailed instructions about the process.
- Aave also announced staking, a new integration, and new community events, where developers will be able to hack on the platform and receive various rewards in return.
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On September 26, The Aave Foundation released a summary of its technical updates in September, revealing more details about the current and future development of the platform.
Earlier this week, Aave Governance launched on mainnet, giving its users the ability to take important decisions connected to the direction in which the DeFi lending protocol is growing. By opening the first-ever improvement proposal, AIP1, LEND, and aLEND holders had the opportunity to vote on the token migration from LEND to AAVE.
According to the summary, the vote has been majorly in favor of the migration, with a threshold of 65 million votes. The situation did not change until block 10,965,863, so as of 2 October at 22:36:35 GMT+2, the migration will be enabled (directions can be found here). The organization also stated that the transition will come gradually, with experts helping the community at every step of the way.
“Onchain analysis shows the Aave Fam is preparing for the migration from $LEND to $AAVE. The share of $LEND on exchanges has fallen to 33%, its lowest level.”
Moreover, Aave announced that their protocol had been integrated into Rari Capital, a robo-advisor for stablecoin yield, and Token Tax, a crypto tax software platform.
In September only, the company claimed that borrowers have appropriately managed their risk through the market with just $11 million of liquidations and flashloans peaking with $187.5 million. Supposedly, crypto asset holders have deposited $3.5 billion in the protocol with borrows rising to around 1$ billion due to new yield farming opportunities.
Aave also announced the opening of the so-called “spooky hackaton season”, where coders can join different hack competitions organized by their developer team. The company encouraged community members interested in the Babylon Project Hackaton to come over and hack on Aave from October 9-11 and invited the public to watch their 4th Community Call tomorrow at 5 pm UK time.
With the migration from LEND to AAVE now confirmed, the DeFi platform will also introduce AAVE staking. The incentives currently include 400 AAVE/day split among stakers, with percentage of protocol fees added to the rewards at a later point, if “governance votes on it”.
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- The governance proposal to launch Aave v3 on the Ethereum network passed unanimously, with all participating AAVE token holders voting in favor.
- The third version of Aave will exist alongside v2, and will initially support seven assets, including wBTC, wETH, wstETH, USDC, DAI, LIMK, and AAVE.
- The temporarily frozen lending markets include YFI, CRV, ZRX,MANA, 1INCH, BAT, ENJ, AMPL, DPI. RENFIL, MKR, xSUSHI, sUSD, USDP, LUSD, GUSD, and RAI.
- In order to improve its risk management, the protocol will no longer allow users to deposit or take loans with them on the platform.