Over $3.5 Billion Deposited in DeFi Protocol Aave, $1 Billion Borrowed by way of Platform as of September 2020

The group at Aave, an open-source and non-custodial decentralized finance (DeFi) protocol for incomes curiosity on digital asset deposits whereas additionally having the ability to borrow property, confirmed in a weblog put up printed on September 30, 2020 that it was the ultimate day to vote on the primary Aave Enchancment Proposal (AIP).

The primary AIP had advisable a token migration from LEND to AAVE tokens. Isa Kivlighan from Aave had famous that customers can go to the platform’s dApp and easily click on on “governance” to be able to solid their vote.

Kivlighan clarified that every one LEND and aLEND holders have voting rights or energy.

She added:

“Up to now, the vote has been 100% in favor of the migration, and the brink of 65M votes has been reached. If ‘yae’ nonetheless wins on block 10965863, then the migration will begin on block 10978863 (ETA: Friday 2 October at 21:06:54 GMT+2). You’ll be able to monitor the countdown right here: https://etherscan.io/block/countdown/10978863.”

The Aave group additional famous that for the those that voted, they have to preserve their LEND/aLEND token on the handle they voted with “till the top of the verification interval (sooner or later after the voting interval ends), or else your vote could possibly be challenged, resulting in a protracted verification course of.”

If/when the migration is accredited, then the Aave group mentioned they might be making an official announcement about it. The Aave builders defined that the migration “shall be gradual,” and that they’ll be there to assist throughout each stage.

The Aave group additionally confirmed that they’ve been built-in in Rari Capital, which is a  Robo-Advisor for stablecoin yield. Token Tax has additionally reportedly built-in Aave to be able to simplify the method of submitting taxes on cryptocurrency transactions.

The Aave builders additional famous:

“As usually within the cryptocurrency markets, the month of September 2020 has witnessed a correction throughout property. Aave debtors have appropriately managed their threat via this market with simply $11m of liquidations. Flash loans have peaked this month with $187.5m, enabling customers to liquidate positions on different platforms with a minimal quantity of charges.”

They added:

“By way of this risky market, Aave has maintained its attractiveness for crypto property holders who’ve deposited $3.5b within the protocol (primarily based on trade charges as of 30/09/2020). In parallel, new yield farming alternatives drove borrows to a document degree of $1B. This was accompanied by excessive utilization throughout the reserves resulting in some rate of interest parameter changes on SNX, DAI and KNC.”

(Be aware: for extra updates about Aave, examine right here.)

As reported not too long ago, Aave claims that its journey in the direction of “decentralization” continues with the protocol governance course of reside on mainnet.

In August 2020, Aave surpassed the $1 billion market cap and the protocol’s second model was launched. Additionally in August, Aave was awarded an digital cash establishment license by the UK’s Monetary Conduct Authority (FCA).