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Aave Price Rallies as Community Prepares for V3 Cloud Update


coinedition.com 18 January 2023 08:54, UTC
Reading time: ~2 m

Aave, an open-source liquidity protocol is set to launch its V3 cloud this week. According to the popular crypto reporter Collins Wu, the plan for the launch was made public by one of Aave’s supporters with the Twitter handle @0x4Graham. Wu explained that the V3 upgrade will introduce cross-chain asset functions, community contribution tools, and a gas optimization model on the Aave blockchain.

The optimization model mentioned by Aave is expected to reduce transaction costs by up to 25% and make the protocol more efficient and ready for other upgrades. This is in line with the details of the V3 upgrade that was released by the Aave team towards the end of Q1, 2022.

Aave team member @0x4Graham tweeted that Aave V3 could launch this week. The v3 upgrade introduces cross-chain asset functions, community contribution tools, gas optimization model that is expected to reduce costs by 20-25 percent, efficient mode and other upgrades.

— Wu Blockchain (@WuBlockchain) January 17, 2023

Aave launched the initial V3 upgrade in March 2022, describing it as a groundbreaking protocol. According to the team, the V3 upgrade brought several new additions that included Portals, High-efficiency mode, Isolation mode, Gas optimization, L2 designs, Community, and Risk management.

The initial V3 raised the enthusiasm of the community who are taking many benefits from the additions it provided. AAVE started the year on a high note with the price moving from $51.89 to $87.79 in 17 days.

Apart from two days, every single day of the new year has seen the Aave price close higher than it opened. The token has sustained a bullish momentum that is powered by the community’s optimism and increased adoption.

The Aave team has carried the community along in the evolution process. From the early stages, the team involved the community in the integration process of V3. It was the community that gave the green light for V3 to be deployed across Polygon, Fantom, Avalanche, Arbitrum, Optimism, and Harmony; including a proposed deployment on the Ethereum mainnet.

A responder to Wu’s original tweet noted that changes that make trading easier are also being implemented on Aave. According to him, the DEX tools for wallets will make trading easier from 2023.

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