Decentralized lending and borrowing protocol Aave announced that Aave V3 went live on mainnet across six networks; Polygon, Fantom, Avalanche, Arbitrum, Optimism, and Harmony. The upgrade has brought new features that improve capital efficiency, enhance decentralization, security, and cross-chain functionality. In addition, the Aave app was redesigned.
1/ Aave V3 is here! 👻— Aave (@AaveAave) March 16, 2022
The most powerful version of the Aave Protocol to date, V3 brings groundbreaking new features than span from increased capital efficiency to enhanced decentralization. Read what's new in V3 in the thread below👇or visit https://t.co/H3jTyKRqNs to dive in! pic.twitter.com/LXzn7660nA
One of the most-awaited features of the V3 is portals, which allow the seamless flow between Aave V3 markets over various networks.
The upgrade provides a better user experience and reliability. It brings optimized gas fees with costs for all functions decreased by about 20-25%. Also, Aave V3 presents risk management improvements, providing additional protection for the protocol.
Aave CEO and founder Stani Kulechov said that the upgrade is a result of work, community activity, and ecosystem growth. Aave community members can participate in Aave DAO, and vote on the protocol's future.
The native token of Aave, AAVE currently trades at around $144. In the last 24 hours, the AAVE price increased by 15%.