already and point out For the next important update and upgrade that the Aave project is preparing for is to replace the LEND cryptocurrency with the cryptocurrency AAVE at a ratio of 1:100.

To be officially released after the Aave test set by Kovan and Ropsten, the new update will give users the ability to participate in the voting process for various improvement proposals, known as “AIP”.

Goodbye LEND coin, hello AAVE coin:

Governance on the mainnet is now official and reflects the development team’s commitment to further empowering the community in the governance process. The first “AIP” includes enabling users to vote, migrating digital currency and re-shrinking the overall coin supply.

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If the first “AIP” proposal is approved, the LEND cryptocurrency will be replaced by AAVE, and the total supply will decrease by 100:1.

While this may give the impression of less liquidity, the fact is that the market capitalization and in theory, remains the same, as AAVE’s holdings in the owners’ portfolios will also decrease in proportion to their LEND coins.

Aave Governance is officially on mainnet, giving the community decision-making power! Now it’s time to vote on the first Aave Improvement Proposal (AIP) to migrate tokens from dollar lending to me dollar ghost.

Topic on how to vote ⬇️

Blog post for details:

– Aave (AaveAave) September 25, 2020

Aave CEO Stany Kulichov said:

The main benefits of relaying are that we activate security, which means that holders of AAVE tokens can participate in the AAVE token stake and earn returns and rewards for it.

These cryptocurrencies are created to secure the protocol and will be used to recapitalize the platform in the event of a default.

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Will the trading platforms support Lend’s migration to Aave?

According to “Koleshov”, the major trading platforms will support the currency after the migration and transfer are completed, and they will separately announce their support for this.

More rewards and returns for the coin community:

The Aave team also plans to consider the possibility of including part of the fee in these security coins, in this way the increased security of the protocol is ensured while improving usability.

In this regard, Kuleshov told the following:

The Safe Mining mechanism will act as a recapitalization mechanism, so in the event of a shortfall, stakes may be reduced up to 30% to cover the shortfall.

The idea behind “Safe Mining” is to reward community members who participate in AAVE to enhance the safety of the protocol.

In addition to the safety incentives, users will have the opportunity to earn additional incentives by hoarding and lending their cryptocurrency within the platform.

The project hopes that the community will also be able to determine how specific rewards and incentives will be distributed in the near future.

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The “Aave” project is one of the oldest DeFi protocols in the decentralized finance ecosystem.

Project Aave allows users to lend and borrow certain cryptocurrencies, placing them as collateral.

Interests are automatically determined by supply and demand according to criteria built into the protocol.

Besides, the Aave project has been known for allowing quick loans, allowing a person to take an unsecured loan on the condition that it is repaid before the next block is mined.

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