After nearly a year of testing, Ave Protocol V3 has been launched on Ethereum. The developers promise a bunch of different features and, of course, a reduction in gas costs. And cbETH is now available on Ethereum’s Aave V3 Market.
Aave is a decentralized non-custodial liquidity market protocol founded by Stani Kulechov in 2017. Users can use this protocol to lend or borrow crypto. Last year AAVE introduced innovative crypto credit – low collateral loans and stablecoins pegged to the dollar.
Aave had been developing an update to its protocol, the V3 protocol, for over a year. The salient features of the protocol were presented in Govt. Back in November 2021 the Aave V3 protocol was finally launched on Ethereum. On January 27, Aave announced on Twitter that Aave V3 is “now live on the Ethereum marketplace.”
The Aave V3 protocol provides a number of features that users can implement when interacting with the Ethereum mainnet. The Aave V3 protocol offers users a high-efficiency mode, which allows users to increase capital efficiency, and an isolation mode, which allows more assets to be listed on Aave.
In addition to high-efficiency mode and isolation mode, the Aave V3 protocol also implements a gas optimization system, which reduces gas costs by 20-25%.
The Aave team is now actively promoting the migration from V2 to V3 protocol.
And on February 5, a vote was held in the Aave community, during which 99.96% of users voted to add cbETH (a liquid staking derivatives token issued by Coinbase) to the Aave V3 market on Ethereum.
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