Approval for Aave's launch on zkEVM secured through successful 'temperature check' vote.

2023-04-17

Summary:
  • Aave's proposal to deploy their third version of the lending protocol has passed a "temperature check" with an overwhelming majority
  • Over 99% of Aave token holders voted in favor of launching the protocol on the zkSync Era Mainnet
  • The launch will be limited to USDC and ETH
  • The next steps include further discussion, risk parameter evaluation, and voting for on-chain governance approval
  • Deploying on zkSync can benefit Aave by introducing new users to DeFi and cementing its position in the zero-knowledge ecosystem
  • The Aave community previously voted to deploy the codebase on zkSync's v2 testnet
  • Uniswap is also set to launch on zkEVM solution from Polygon
  • In November 2022, Aave changed its governance procedures after a $60 million short attack


Full article:

A proposal to deploy the third version of lending protocol Aave has recently passed a “temperate check” with an overwhelming favorable majority.

A "temperature check" proposal to deploy the decentralized exchange (DEX) Aave on the zkSync Era Mainnet has passed with overwhelming support from the Aave community. 

When voting closed on April 16 more than 99% of Aave (AAVE) token holders voted in favor of launching the third version of the lending and borrowing protocol on the zero-knowledge Ethereum Virtual Machine (zkEVM).

According to the proposal first pitched on March 26, the launch will be limited to USD Coin (USDC) and Ether (ETH).

Now that the temperature check has indicated a "positive sentiment," the next steps listed in the proposal will be to proceed to another stage for further discussion, followed by risk parameter evaluation and finalization of the proposal.

If the next stages are successful the proposal will be submitted for voting and on-chain governance approval.

Only around 0.02% voted against the proposal with a further 0.02% abstaining from voting.

According to the proposal, deploying on zkSync can benefit the Aave ecosystem by introducing new users into decentralized finance (DeFi) and cementing Aave as a premier borrowing platform within the zero-knowledge ecosystem.

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The Aave community previously voted to deploy the Aave V3 codebase on zkSync's v2 Testnet, which was approved in another off-chain vote.

Decentralized exchange Uniswap is also set to launch on the zkEVM solution from scaling solution provider Polygon after a governance proposal was successfully passed.

In November 2022, Aave changed its governance procedures after it was hit by a $60 million short attack that ultimately failed.

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Source: cointelegraph.com

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Name Symbol SYM Chain Market Cap Launch Votes