One of the cryptocurrencies that makes plenty of waves is Aave. The project has been around for a while now and keeps undergoing some severe developments. Now that the price has surpassed $300, the future looks bright for this project.
Another V2 Protocol Audit
It is always good to see individual blockchain projects acknowledge the need for independent code audits. Aave has undergone the fifth audit of its Aave V2 protocol, courtesy of SigmaPrime. In the spirit of transparency, that full report is now available for public viewing. It also contains some feedback for the developers to take into account, allowing them to keep improving the protocol whenever necessary.
Thankfully, it seems no groundbreaking issues were detected by SigmaPrime, although they labeled one issue as “high severity”. That problem has now been taken care of, ensuring the Aave V2 Protocol is safe from any wrongdoing. Other than that, there are several informational comments. All of these remarks have either been closed or addressed if necessary, creating peace of mind for the community.
Aave Migration Tool Is Alive
It has been brewing for some time, but the Aave team have successfully launched their migration tool to move from V1 to V2. Users can now upgrade full positions from one protocol to the next through a convenient user interface. Even open positions can be migrated through the dashboard, making this process as seamless as possible.
As is often the case when migrations occur on the Ethereum blockchain, users will need to supply the necessary ETH to cover any transaction costs. It is possible to upgrade one asset at a time to attempt and mitigate these high fees. The team advises against migrating more than five assets per batch, though.
Significant Aavenomics Upgrade
For those who have missed the news in Q3 2020, Aave is now subject to Aavenomics. The objective is to bring more value to AAVE token holders through staking in the Safety Module. In exchange, users will earn Safety Incentives. In the beginning, a total of 400 AAVE per day was distributed to all participants. A fair amount, but one that warrants raising.
As of a few weeks ago, the rewards are now 550 AAVE per day, an increase of 37.5%. All of this is made possible with the help of AIP-7, which gives stakers more responsibility and risk to help secure the Aave V2 Protocol. This limit may see further increases in the future if the need arises. An intriguing development that shows how protocols like these need to evolve.
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