Aave to Launch on zkSync with Overwhelming Support from Community
Jessie A Ellis Apr 18, 2023 11:05
Aave's proposal to launch on the zkSync Era Mainnet has received over 99% support from AAVE tokenholders. The launch will initially be limited to USDC and ETH, and if successful, could introduce new users to decentralized finance and cement Aave's position as a premier borrowing platform within the zero-knowledge ecosystem.
The Aave community has spoken, and the results are in. A proposal to launch the decentralized exchange (DEX) Aave on the zkSync Era Mainnet has received overwhelming support, with over 99% of AAVE tokenholders casting ballots voting in favor of the move.
The proposal, which was first pitched on March 26, outlined plans to launch the third version of the lending and borrowing protocol on the zero-knowledge Ethereum Virtual Machine (zkEVM). The launch will initially be limited to USD Coin (USDC) and Ether (ETH).
The proposal's success in the "temperature check" stage means that the next steps listed in the proposal will be pursued. This will involve further discussion, followed by risk parameter evaluation and the finalization of the proposal. If successful, the proposal will then be submitted for on-chain governance approval.
While only around 0.02% voted against the proposal, and a further 0.02% abstained from voting, the overwhelming support from the Aave community is a significant milestone for the project. Deploying on zkSync has the potential to introduce new users to decentralized finance, as well as cementing Aave's position as a premier borrowing platform within the zero-knowledge ecosystem.
The Aave community previously voted to deploy the Aave V3 codebase on zkSync's v2 Testnet, which was approved in another off-chain vote. With this latest vote, Aave is another step closer to deploying on the zkSync Era Mainnet.
Aave is not the only decentralized exchange looking to leverage the benefits of zkSync. Uniswap is also set to launch on the scaling solution from Polygon after a successful governance proposal was passed.
Aave's journey to this point has not been without its challenges. In November 2022, the platform changed its governance procedures after it was hit by a $60 million short attack that ultimately failed. However, the project has emerged from this setback with renewed vigor and determination, as evidenced by the overwhelming support for its latest proposal.
Overall, the launch of Aave on zkSync has the potential to be a game-changer for the decentralized finance space, and it will be interesting to see how the project progresses in the coming months.
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