Aave Approves ARFC Proposal with Nearly 100% Support
On April 17th, the snapshot voting page showed that the ARFC proposal from the Aave community regarding the \”Aave V1 offline plan\” was approved with 99.98% support. The proposal pr
On April 17th, the snapshot voting page showed that the ARFC proposal from the Aave community regarding the “Aave V1 offline plan” was approved with 99.98% support. The proposal proposes to implement a new rate strategy for all assets listed on the platform to offline Aave V1, encouraging users to migrate their assets to Aave V2 or Aave V3. Next, submit the proposal as an AIP for on chain governance approval.
The ARFC proposal from the Aave community regarding the “Aave V1 offline plan” has been voted through
Aave, a decentralized finance (DeFi) protocol, recently approved the ARFC proposal for its offline plan with an overwhelming 99.98% support from the community. The proposal seeks to encourage users to migrate their assets from Aave V1 to either Aave V2 or Aave V3 through a new rate strategy that will be applied to all assets listed on the platform. The proposal is now set to be submitted as an AIP for on chain governance approval.
What is Aave and its V1, V2, and V3?
Before diving into the proposal, it’s important to understand what Aave is, as well as its different versions. Aave is a decentralized lending platform that enables users to earn interest on deposited cryptocurrencies or borrow assets using their own digital assets as collateral. It was launched in 2017 under the name ETHLend and was later rebranded to Aave in 2018.
Aave has three different versions: Aave V1, Aave V2, and Aave V3. Aave V1 is the original version of the protocol that has been in operation since 2018. Aave V2 was introduced in 2020 and introduced several new features and improvements to the platform. Aave V3 is currently under development and is expected to launch in the future.
What is the ARFC proposal and how does it aim to encourage users to migrate from V1?
The ARFC (Aave Road to Facility Closure) proposal is a plan to offline Aave V1, which means to shut it down completely. The proposal aims to encourage users to migrate their assets from Aave V1 to either Aave V2 or Aave V3 by introducing a new rate strategy for all assets listed on the platform. The rate strategy will make borrowing more expensive on Aave V1, hence encouraging users to move to newer and more advanced versions of the protocol.
Additionally, the proposal seeks to remove assets that are not being used on the platform to increase efficiency and make the system less congested. The ARFC proposal will also enable Aave V1 users to withdraw their assets even after the platform goes offline and ensure that further development focuses only on Aave V2 and V3.
What are the benefits of migrating to Aave V2 or V3?
Migrating to Aave V2 or V3 comes with several benefits, including:
1. Better interest rates – Aave V2 and V3 offer more competitive interest rates than Aave V1.
2. More assets supported – Aave V2 and V3 support a wider range of digital assets compared to Aave V1.
3. Improved security – Aave V2 and V3 offer enhanced security features, making the platform more secure than its predecessor.
4. New features – Aave V2 and V3 introduced new features, such as the ability to swap assets within the protocol, flash loans, and credit delegation.
Conclusion
The ARFC proposal approved by the Aave community with overwhelming support aims to encourage users to migrate their assets from Aave V1 to newer and more advanced versions of the protocol – Aave V2 and Aave V3. The proposal seeks to make borrowing on Aave V1 more expensive, remove unused assets, and ultimately offline the platform entirely. Migrating to Aave V2 or V3 offers better interest rates, more assets supported, improved security, and new features.
FAQs:
Q: When will Aave V1 go offline?
A: The exact timeline for Aave V1’s offline plan has not been announced yet.
Q: Can users still withdraw their assets from Aave V1 after it goes offline?
A: Yes, the ARFC proposal ensures that users can withdraw their assets from Aave V1 even after the platform shuts down.
Q: What is the difference between Aave V2 and Aave V3?
A: Aave V3 is currently under development and is expected to offer even more advanced features and improved security compared to Aave V2.
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