Aave Community Proposes To Launch V3 On Coinbase L2 Base

The Aave community has put forward a proposal to gauge interest in deploying V3 on the Coinbase L2 network Base. Currently, the proposal is seeking feedback from the community, and the voting process for the temperature check has not yet begun.

Aave Community Proposes To Launch V3 On Coinbase L2 Base

The project is currently in the process of gathering feedback from the community, and the temperature check vote has not yet commenced.

Previously, the Aave community made the decision to expand the V3 codebase to include other prominent Layer 2 networks such as Arbitrum, Metis, and Optimism. The proposal highlights the potential for significant income opportunities for the protocol by tapping into the growth and interest of Coinbase users.

By incorporating Base, Aave can leverage various benefits offered by Coinbase, including seamless integration, fiat onramps, and access to Coinbase’s extensive ecosystem, which boasts over 110 million customers and $80 billion in assets.

If the Temperature Check Snapshot indicates positive sentiment, the proposal will move into the ARFC stage, where further discussions, risk parameter evaluations, network analyses, and finalizing the proposal will take place.

Previously, the community conducted ARFC voting on two proposals: one regarding the addition of 1INCH and ENS to the V3 market on Ethereum, and another involving a temperature check vote on adding ARB to the V3 market on Arbitrum.

Aave is a well-known cryptocurrency lending protocol that offers flash loans, enabling users to borrow crypto and repay it within the same block without requiring collateral. Initially implemented on Ethereum, the protocol has expanded to operate on other networks as well.

Earlier, a bug was discovered in version V2 of the Aave lending protocol, affecting the interaction with asset pools such as Wrapped Ether (WETH), Tether (USDT), Wrapped Bitcoin (WBTC), and Wrapped Matic (WMATIC) on Aave V2 Polygon.

This bug specifically impacted liquidity provision, borrowing, repayment, and withdrawal. However, it only affected the V2 instance on Polygon and did not impact V3 or other blockchain implementations like Ethereum. The Aave DAO is currently voting on a new proposal to address this bug.

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