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Aave Launched A Temperature Check Vote To Deploy V3 To StarkNet

April 4, 2023 - Around 3 mins mins to read

Key Points:

  • Aave has initiated a Temp Check vote in order to install Aave V3 on StarkNet.
  • According to the proposal, the merger of Aave and StarkNet would take place in two stages. The initial step is to build a cross-chain bridge between Ethereum and StarkNet for aTokens.
  • Phase 1 was already approved by an overwhelming majority of the community.
The Aave community launched a “Temp Check” vote to launch Aave V3 to StarkNet.
Aave Launched A Temperature Check Vote To Deploy V3 To StarkNet
Aave Launched A Temperature Check Vote To Deploy V3 To StarkNet 3

According to the proposal, the integration plan between Aave and StarkNet will be carried out in two phases. The first phase is to deploy a cross-chain bridge for aTokens between Ethereum and StarkNet. The first phase has been voted on by the community.

After a good signal, this proposal is presented on behalf of Starkware and the Starknet community to get a temperature check for the complete implementation of the V3 protocol on Starknet. It aims to complete the second phase, which is to fully deploy the protocol on StarkNet.

Many advantages of deploying on Starknet were noted in the proposal.

As a result, despite the fact that Starknet has only been operational for a little more than a year, it has already attracted an incredible number of new developers and projects. With the planned Starknet enhancements, this pace is only anticipated to climb. Starknet is planning a few big milestones in the near future that will offer greater scalability, cheaper transactions, and a much better development experience.

Starknet, as a new validity rollup, enables features that directly benefit Aave suppliers and borrowers. Account Abstraction is natively supported by Starknet, enabling wallets to enhance the user experience. The Aave ecosystem benefits instantly from the additional capabilities provided by the Starknet ecosystem by launching on Starknet.

Aave Launched A Temperature Check Vote To Deploy V3 To StarkNet
Aave Launched A Temperature Check Vote To Deploy V3 To StarkNet 4

Other advantages of Starknet include effective liquidity supply. This is due to Starknet having a validity rollup, in which proofs of Starknet’s complete state are confirmed on Ethereum multiple times each day.

In contrast to many of the chains where the Aave protocol is currently in use, Starknet is not EVM compatible, necessitating a rewriting of the Aave V3 protocol to Cairo 1.0. If this application is approved and the network is evaluated by BGD, Gauntlet, and Chaos Labs, the team intends to request a $200,000 donation from the Aave community for development and audit fees.

The vote currently has a support rate of 99.3%, and it will end on April 11. If the vote is passed, the proposal needs to be voted on the chain.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.