Popular lending protocol Aave launched its ‘most powerful’ version ‘Aave v3’ on 6 networks with new features that make it superior to older versions and competitors. The new features will be increased capital efficiency to enhance decentralization.
Also, the protocol enabled v3 deployment on 6 networks including Polygon, Fantom, Avalanche, Arbitrum, Optimism, and Harmony. However, “Ethereum Mainnet deployment will be determined by the community based on the maturity of the currently deployed markets”.
The new update enables features such as cross-chain transactions, higher borrowing limits, ensuring the security of new asset listing as well as reduced gas costs by 20 to 25%.
Apart from this, the protocol also adds specific support for Layer 2 networks, facilities to incentivize the community, and better security tools.
In January, Aave has already rolled out v3 on testnet with seven platforms including Ethereum, Rinkeby, Fantom Testnet, Harmony Testnet, Arbitrum Rinkeby, Polygon Mumbai, Optimism Kovan, and Avalanche Fuji.
To access the protocol, developers have integrated a new range of crypto wallets and access points such as Instadapp, Debank, 1inch Network, Paraswap, Zapper, DeFi Saver, Zerion, and others.
“The launch of Aave V3 has introduced new access points for DeFi users, and we are excited to be a part of the initial cohort of new integrations going live today,” said Samyak Jain, Co-Founder & CTO of Instadapp. “Aave is one of the most popular protocols underpinning the DeFi ecosystem and has grown to the top protocol on Instadapp by TVL.”
The new launch also comes with “a fully redesigned & refreshed” Aave App on IPFS. The app will allow an easy transaction interface, faster transaction execution time, and provide a wider vision of their holdings.
In a tweet, the Aave developer stated that “V3 is the result of continuous iteration resulting from community involvement and ecosystem growth”. Other developers can also join the community to contribute to the governance forum and can give their votes on proposals.
To ensure protocol security and prevent any future exploitation, Aave’s V3 code has been audited by Sigma Prime, Trail of Bits, Open Zeppelin, ABDK, and PeckShield. Also, it is now under the verification process of Certora.
