DeFi Platform Aave Launched V3 Upgrade

by in DeFi News

Aave V3 DeFi

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.

Related: Aave Offers Regulatory-Compliant Service for Institutions

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.

Trending: MetaMask announces integration with Apple Pay

The native token of Aave, AAVE currently trades at around $144. In the last 24 hours, the AAVE price increased by 15%.