On October 28, Aave announced that it will be giving control over its protocol key in favor of public governance. After months of preparation and testing, the Aave governance mainnet finally achieves full decentralization by allowing clients to create events and give their vote to choose the direction in which the platform will develop.
At the end of last month, Aave Governance went live on the Ethereum mainnet, along with its first public vote – the migration from the LEND token to the native AAVE token. Soon after the event was settled and the community was able to give their vote, token holders decided to approve the transition at a migration rate of 100:1.
Moreover, users received the ability to vote on any AIPs on the platform and stake their AAVE in the protocol Safety Module while earning rewards for securing it. According to the announcement, the company intentionally waited until now to give over its admin key in order to ensure the security of the transition.
Aave also revealed the steps that will follow for the migration of the Aave Protocol ownership to the governance smart contract, set to happen in the coming weeks.
First, the developer team will set the Aave Governance contract as Lending Pool Manager, which is the entity enabled to change parameters on the protocol contracts and list its new assets. After that, ownership of the LendingPoolAddressProvider contract will be given to Aave Governance, so all core pieces of the system and their updates could be deployed on the mainnet, practically giving it full control over the protocol.
At last, the ownership of the TokenDistributer contract, which receives all protocol fees and manages their distribution, will be given to Aave Governance. The organization further announced that, in the upcoming weeks, the governance may also update more of its system parameters in order to further decentralize the proposal submission process.