Aave V1 Removal Proposal Receives Support From Aave Community

Key Points:

• The fully closed proposal of Aave V1 is receiving the support of this community.
• It plans to phase down the V1 by introducing new strategies for all assets listed on the site pricing, encouraging customers to transition to Aave V2 or Aave V3.
• Previously, proposals to deploy Aave V3 on zkSync Era mainnet and Starknet were reviewed by the community.

Aave, the leading DeFi money market protocol with over $5 billion in total value locked, is considering shutting down the underperforming Aave V1 platform.

According to the Snapshot voting website, the Aave community’s ARFC proposal on the “Aave V1 Offboarding Plan” received 99.98% support.

The proposal includes a strategy for offboarding Aave V1 by adopting new rate strategies for all assets listed on the platform, making borrowing and submitting on V1 less appealing, and encouraging users to relocate their assets to Aave V2 or Aave V3.

According to the proposal, V1 was an important platform in the DeFi ecosystem, but with the advent of Aave V2 and Aave V3, users and resources must be shifted to these more sophisticated and efficient platforms. Offboarding Aave V1 and promoting migration to subsequent versions will result in a more simplified user experience while focusing resources on ongoing development and enhancements to the Aave ecosystem.

The offboarding strategy will be carried out by instituting new rate strategies for all assets listed on V1. By making borrowing and submitting on Aave V1 less appealing, these pricing methods attempt to encourage customers to shift their assets to Aave V2 or Aave V3. All assets listed on V1 will be subject to the new rate schemes.

Likewise, the proposal to run Aave V3 on zkSync Era is gaining traction. The Aave community’s temperature check vote on the proposal of “Aave V3 Deployment on zkSync Era Mainnet” was approved with a support percentage of 99.78%. Not only Era, but the Starknet is also a potential destination for Aave V3.

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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