The Aave Community Offers Their Support to the Proposal to Remove V1
Key Points:
- The completely shut proposition of Aave V1 is getting the help of this local area.
- It intends to stage down the V1 by presenting new procedures for all resources recorded on the site estimating, empowering clients to change to Aave V2 or Aave V3.
- The community had previously looked into proposals to use Aave V3 on Starknet and the main zkSync Era network.
Aave, the leading DeFi money market protocol with over $5 billion in total value locked, is considering shutting down the underperforming Aave V1 platform.
The Aave community’s ARFC proposal on the “Aave V1 Offboarding Plan” received 99.98% support, according to the Snapshot voting website.
The proposal has a plan for offboarding Aave V1 that involves implementing new rate strategies for all of the assets that are listed on the platform, making it less appealing to borrow and submit on V1, and encouraging users to move their assets to either Aave V2 or Aave V3.
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The proposal says that V1 was a big part of the DeFi ecosystem, but now that Aave V2 and Aave V3 are out, users and resources need to move to these more advanced and effective platforms. A simpler user experience will be achieved by offboarding Aave V1 and encouraging migration to subsequent versions, thereby directing resources toward the Aave ecosystem’s ongoing development and enhancements.
New rate strategies will be implemented for all assets listed on V1 as part of the offboarding strategy. These pricing strategies aim to encourage customers to move their assets to Aave V2 or Aave V3, making borrowing and submitting on Aave V1 less appealing. The new rates will apply to all assets listed on V1.
Similarly, the idea to run Aave V3 on zkSync Era is getting more and more support. With a support percentage of 99.78 percent, the “Aave V3 Deployment on zkSync Era Mainnet” proposal received approval in the Aave community’s temperature check vote. Time, however the Starknet is likewise a possible objective for Aave V3.
