New Aave v3 Deployment On Ethereum 99.99% Community Supported

The AAVE community is currently voting on a next path regarding a “clean” implementation of Aave v3 in Ethereum versus upgrading Aave v2 Ethereum smart contracts to v3. The number of votes in favor immediately after that was overwhelming with 99.99%. According to the team, the new implementation will also give it an easier route.

Aave is currently voting on how to implement Aave v3 on Ethereum. Three voting options include: implementation of the new Aave v3 protocol; upgrade Aave v2 to v3; and continue discussing other options on the Aave admin forum. Voting period from October 4 to 11, the number of votes in favor immediately after that was overwhelming with 99.99%.

Aave v3 is the latest update to the decentralized lending protocol. So far, 566 votes with 99% of the votes in favor of the new Aave v3 implementation on Ethereum over upgrading the previous version. Voting will close on October 11 at 5:00 p.m.

The team recently produced a summary of the possible trade-offs between both approaches. One of the arguments in favor of a new implementation is that it will have an easier route to follow.

Aave v3 can easily be deployed on Ethereum and the transaction costs will be cheaper than upgrading the smart contracts of the older version. A new deployment will also not require security checks as this is already done, while performing an upgrade will require a different set of checks.

To date, Aave v3 has been deployed on several other blockchains and layer two scaling solutions: Arbitrum, Fantom, Harmony, Optimism, Polygon, and Avalanche.

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