Decentralized finance platform Aave has unveiled Aave V3 with the aim of enhancing safety, security, and decentralization through DAO.
The pool features updates like cross-chain asset capability gas optimization, which cuts fees by 20 to 25% and improves efficiency.
The upgrade will see the platform support multiple wallets and decentralized applications in the V3 protocol like Debunk, 1Inch, Paraswap, and Zapper.
Aave V3, which developer Emilio introduced in 2021, opened to voting between November 4 and 11. After being endorsed by 2,911 community members, the proposal passed with one accord, allocating 342,000 tokens in the lobby.
Native token holders are allowed to participate in Aave Improvement Proposals in an on-chain governance model that gives the holders a chance to propose and vote on the network updates.
Aave has grown to become the sixth-largest DeFi protocol with about $11.79 billion in TVL at a price of $125.4.