DeFi

Proposal To Deploy Aave V3 On StarkNet Being Supported

Key Points:

The proposal on “deploying Aave V3 to StarkNet” passed the temperature check vote with a support rate of 99.98%.
The integration plan between Aave and StarkNet will be carried out in two phases.
On-chain voting is the next step in the adoption of Aave V3 on Starknet.

The proposal on “deploying Aave V3 to StarkNet” received 99.98% approval in the temperature check vote.

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. The community has voted on the first phase.

This proposal attempts to finish the second phase of the Aave protocol deployment on StarkNet.

Aave’s speed is expected to increase once Starknet improvements are implemented. Starknet is anticipating a few major milestones in the near future that will provide higher scalability, lower transaction costs, and a much-improved development experience.

In contrast to many of the chains that presently utilize the Aave protocol, Starknet is not EVM compatible, forcing a rewrite of the Aave V3 protocol to Cairo 1.0. If this application is granted and the network is examined by BGD, Gauntlet, and Chaos Labs, the team wants to ask the Aave community for a $200,000 gift for development and audit expenses.

In early February, the Aave community approved another request to “freeze BUSD funds on Aave V2.”

The Aave community approved ARFC’s “BUSD delisting proposal” in March, which offers a departure route for BUSD on the V2 market. The idea seeks to reduce BUSD liquidity and encourage consumers to transfer to alternative stablecoins. The proposal, which involves altering BUSD’s risk criteria and will be executed in a single AIP.

On-chain voting is the next step in the adoption of Aave V3 on Starknet.

Aave V3, in addition to Starknet, has been suggested for deployment on the BNB Chain. Aave V3 will be deployed on the BNB Chain and accept BNB, WBTC, BETH, WETH, USDC, and USDT as collateral if permitted.

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Harold

Coincu News

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.