DeFi Protocol Aave Launches Decentralized Governance System On The Mainnet The Aave DeFi Protocol on Friday announced the launch of a new governance system on the Ethereum mainnet.

DeFi Protocol Aave Launches Decentralized Control System On The Mainnet

Aave's Decentralized Lending Protocol on Friday announced the launch of a new governance system on the Ethereum mainnet.

Prior to this, the Aave Governance model was tested in the Kovan and Ropsten test networks.. Users were encouraged to participate in protocol management through Aave Improvement Proposals (AIP). Along with the launch on the mainnet, the first AIP regarding the planned migration of tokens was voted on.

“Decentralization is Aave's credo. Our goal has always been to delegate decision-making authority to the community, ”write the developers.

AIP1 contains a proposal that defines the process for migrating user assets from the currently used LEND token to the AAVE token. It will also be used to control the protocol in the future. Voting will last five days and, if approved, will initiate the migration process.

For every 100 LENDs, users will be able to receive 1 AAVE. The total emission of AAVE will be 16 million tokens. Of these, 13 million will be distributed among the LEND holders, and 3 million will be sent to reserves for the further development of the ecosystem..

At the time of publication, LEND is the 31st largest asset on the market with a capitalization of $ 686 million. Over the past day, its price has increased by 10%.

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