The digital currency LEND and its project Aave are among the leading projects in the DeFi arena.

Offering users the ability to borrow and lend cryptocurrencies such as stablecoins, the Aave project currently has over $1 billion in value locked up.

According to DeFi Pulse, Aave is the third largest Ethereum protocol by total locked value, and is a major product in decentralized finance.

However, the Aave protocol is not completely decentralized.

The governance of the protocol, meaning the direction in which the project is moving, has been dictated to a large extent by the organization that published the protocol.

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Of course, users can express their opinions online if they want to change something, but there is no formal governance structure to allow regular users to participate.

But all of this could change with the introduction of the “Aavenomics” upgrade, where the Ethereum-based LEND cryptocurrency will be exchanged for a new one called AAVE that will help control the protocol.

The “Aavenomics” upgrade was recently revealed, pending community approval and released now or later.

“Aavenomics” upgrade to enhance the Aave protocol:

According to an announcement made by the Aave team on September 25, the Aave Governance System has been officially launched on the mainnet, giving the community decision-making power!

The launch of the .. the launch of the .. the take off of the dollar ghost Officially in the hands of the community because AIP1 is now live 🎉

✅ Testnet management
✅ Signals
✅ Mainnet Contracts
🔜 passes AIP1
🔜 dollar lending to me dollar ghost immigration
🔜 Safe mining to earn dollar ghost 💸

Fasten seat belts! All this happens within days.

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– Spencernoon September 25, 2020

This comes after a period of beta governance on two experimental networks called “Rubstein” and “Kovan”, which proved successful.

Among the proposals awaiting the outcome of the vote:

The first proposal is to activate the “Aavenomics” upgrade making Aave the new governance coin for the Aave project, and this will give users the opportunity to trade LEND against AAVE at a ratio of 100:1, giving the cryptocurrency a price closer to that of many other cryptocurrencies in the DeFi arena .

If the community approves and votes yes to the “AIP1” upgrade that defines this relay, a new system called “secure mining” will be activated, giving users the possibility to earn AAVE as a security incentive in exchange for securing the protocol.

The voting process appears to be going well in favor of the new upgrade as 100% of the 55 million votes so far have voted “yes,” nearly 65 million of the quorum.

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The digital currency LEND reacts positively to the development that is taking place:

The LEND cryptocurrency has responded positively to the development and its recent announcements.

According to data fromcoinmarketcapThe LEND cryptocurrency is up 8% in the past 24 hours, outpacing bitcoin’s gain in percentage terms in the last 24 hours.

On the day Aavenomics was announced, the coin rose more than 20% as the market saw this as a strong move for the project going forward.

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