Aave had changed its governance procedures in November after a $60 million short attack against it failed.
Aave V3 includes several features intended to help users save on fees and maximize the efficiency of users’ capital. For example, High Efficiency mode allows the borrower to avoid some of the app’s more stringent risk parameters if the borrower’s collateral is highly correlated with the asset being borrowed. Developers say this may be useful for borrowers of stablecoins or liquid staking derivatives.
In addition, the “isolation” feature allows certain, riskier assets to be used as collateral as long as they have their own debt ceiling and are only used to borrow stablecoins. Under the previous version, there was no way to limit what type of asset could be borrowed given a certain type of collateral. This meant that lower market-cap and illiquid coins often couldn’t be used as collateral.V3 also includes a gas optimization algorithm that the developers say will reduce gas fees by 20% to 25%.
to deploy the new version. Over the next few months, V3 was deployed to Avalanche , Arbitrum , Optimism and Polygon . However, the Ethereum version of Aave has always had the most liquid and V3 was not available on it previously.seven coins. The vote to launch began on Jan. 23 and lasted for two days. After supporters won the vote, the execution of the proposal was able to move forward on Jan. 27. Less than 0.01% of DAO members voted against the proposal.
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