The Aave community has proposed the deployment of Aave V3 on Base, Coinbase’s Layer 2 solution, following its mainnet launch. The proposal, which has received overwhelming support from the community, includes wETH, wstETH, cbETH, and USDC as collateral options.
Aave V3 Set for Deployment on Coinbase’s Layer 2 Base Mainnet
The integration aims to expand Aave’s presence and revenue opportunities by leveraging Coinbase’s infrastructure and access to over 110 million users and assets exceeding $80 billion. This move is expected to unlock new opportunities in the DeFi space and provide valuable revenue streams for Aave.
Enhancing On-Chain Experience with Aave V3
For Base, adopting Aave V3’s codebase signifies a significant step towards enhancing the on-chain experience by incorporating a diverse range of DeFi platforms. It also introduces a trusted flagship lending protocol, adding to the platform’s credibility.
Aave V3 Deployment Proposal Nearing End of Voting Period
The proposal, backed by an overwhelming 99.98% support rate, is nearing the end of the voting period, with just 12 hours left for final decisions to be cast. If approved, the implementation process will involve integrating BGD Labs’ infrastructure and technical evaluation report, refining the ARFC based on community feedback and risk service provider recommendations, followed by submitting the ARFC for a Snapshot vote for ultimate approval.
Revolutionizing the DeFi Landscape
The Aave V3 Deployment on Base proposal is set to revolutionize the DeFi landscape by merging the strengths of two major players in the industry. The proposal comes after Aave accepted an urgent motion to deactivate CRV borrowing on Ethereum to prevent traders from abusing Curve flaws and indulging in malicious shorting of borrowed CRV, which might result in repeated liquidations.
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