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Aave Community Proposes To Launch V3 On Coinbase L2 Base

DeFi

news.coincu.com 24 May 2023 09:28, UTC
  
Reading time: ~2 m

The project is still seeking community comment, and the temperature check vote has not yet been launched.

The Aave community already elected to spread the V3 codebase across other notable L2s such as Arbiturm, Metis, and Optimism. According to the proposal, allowing Base on Aave generates lucrative income prospects for the protocol by harnessing the growth and interest of Coinbase users.

Base allows Aave to rapidly use Coinbase’s products and distribution: frictionless Coinbase integrations, fiat onramps, and access to the Coinbase ecosystem’s over 110 million customers and $80 billion assets.

If the Temperature Check Snapshot reveals a good sentiment, the ARFC stage will be initiated for more debate, risk parameter assessment, network analysis, and proposal finalization.

Earlier, the community conducted ARFC voting on the two proposals of adding 1INCH and ENS to the V3 market on Ethereum and a temperature check vote on the proposal of adding ARB to the V3 market on Arbitrum.

Aave is a popular crypto lending protocol that offers flash loans, allowing users to borrow crypto and pay it back in the same block without collateral. The protocol was initially implemented on Ethereum and later expanded to other networks.

Previously, a bug in version V2 of the Aave lending protocol hindered users from interacting with the Wrapped Ether (WETH), Tether (USDT), Wrapped Bitcoin (WBTC), or Wrapped Matic (WMATIC) asset pool. ) on Aave V2 Polygon.

Specifically, this error will make users unable to provide liquidity, borrow, repay, or withdraw money. However, this only affects the V2 instance on Polygon and not V3 or other blockchain implementations like Ethereum. The Aave DAO is currently voting on a new proposal to fix this bug.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.


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