Aave V2 Now Available On Kovan Testnet

The Aave team is inviting its community members to test the second version of its protocol, which is now available on the Kovan testnet, the firm said in a blog post on 11 November.

According to the announcement, Aave V2 will not only come with some architecture redesign to upgrade the protocol, but will include new tools and UI/UX improvements to “push the limits of the DeFi user experience”. Since the launch of the protocol, the Aave Genesis Team has been collecting feedback from its users in order to improve their platform, which has culminated in the new version of the protocol.

The firm also pointed out that security has been one of their priorities when releasing the updated protocol, which is currently under 4 audits and formal verifications, the results from which will be released before the protocol’s mainnet launch. Aave has also launched a Bug Bounty program, that promises to reward those that find, and safely disclose, any bugs or vulnerabilities with up to $250,000. The firm first announced its plans to upgrade and improve its protocol in August, when it revealed some of the features to be expected from the Aave V2.

The Aave platform became fully decentralized back in October, when it allowed its community to vote on the direction in which the platform will develop. With the governance power in the hands of its users, the protocol’s Genesis Team has now taken the role of “builders”, who work on popular proposals, and release updates voted on by the community.

The first-ever improvement proposal on which the community voted was held back in September, when Aave users were allowed to vote on whether to transition from the LEND token to AAVE. The firm stated that “the vote has been 100% in favour of the migration, and the threshold of 65M votes has been reached”.