Aave Launches New Governance Framework on Ethereum Mainnet
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Aave Launches New Governance Framework on Ethereum Mainnet

September 26, 2020      Vandana Malik

Aave, a Defi lending protocol has recently announced the launch of a new governance token on the Ethereum mainnet. The major aim of the firm is decentralization and always want to give the decisional power to the community. 

It is revealed that Aave governance previously used to run on Kovan and Ropsten testnets. Here the users were able to trial vote on the AIPs which later helps to develop the token. 

Aave Users Can Vote on First Official AIP

Now with the announcement of the launch of this new governance token, it is also revealed that now the Aave users will be able to vote on the first official AIP. This will help to completely focus on the planned token migration. Here the users will be able to migrate the LEND-token to the AAVE-token which helps to make the new governance token of the ecosystem.

It is revealed that in case the votes will come in favour of the token migration then after the migration process, the token holders will be able to stake their tokens in a Safety Module (SM). The voting period will last for five days. Along with this, the holders will also be able to earn AAVE as a Safety Incentive (SI) which will work to secure the platform. 

Safety Mining Aims To Reward Community Members

It is specified that the main aim behind the safety mining is to reward the community members who stake their AAVE tokens. The major reason behind staking a token is to promote the safety of the protocol. The firm has mentioned that all the rewards will be distributed to the token holders when they will either withdraw their token or transfer it from the Safety Module. The team which is behind the Lend protocol, raised around $3 million via sale of LEND token, around two months ago.

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#Ethereum mainnet #First Official AIP #LEND #New governance framework #Reward Community Members #Safety module
Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.