Aave Community Approves The Development Of Aave Protocol V3

Twitter icon  •  Published 1 year ago  •  Hassan Maishera

The Aave team announced via Twitter on Friday that its community has given the approval for retroactive funding and development of Aave Protocol V3.

The Aave team announced via Twitter on Friday that its community has given the approval for retroactive funding and development of Aave Protocol V3. According to the proposal, the Aave DAO will retribute a total of $16.28M in retroactive funding to Aave Companies for the development of Aave Protocol V3. This total includes $15M for work performed directly by the team over the course of more than one year and $1.28M for costs paid to third-party audit services.

Furthermore, Aave V3 provided enhanced features to the Aave Protocol based on community feedback, solving limitations in V2 while pushing important new features to the forefront of the protocol and contributing to the overall success and strength of the Aave ecosystem.

Aave protocol is a decentralized, open-source, and non-custodial money market protocol. Depositors earn interest by providing liquidity to lending pools, while borrowers can obtain overcollateralized loans by using the liquidity from these pools. AAVE is trading at $90.8 per token, down by 1 % in the last 24 hours. 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.