Decentralized Lending Protocol Aave has launched a new governance system on the Ethereum mainnet.
In an article on the company’s blog, the developers write that the protocol control system was previously launched on the Kovan and Ropsten test networks. Thanks to the new development, users can vote to accept the Aave Improvement Suggestions (AIP). Users of the protocol can already vote for the first AIP.
The first improvement proposal concerns the definition of the migration process from the LEND token to the AAVE token – a new token for managing the protocol. Users can connect their wallets to the Aave decentralized app, select an AIP and vote for it within five days.
In case of a positive vote balance, the proposal will be accepted and users will be able to migrate from LEND to AAVE. At the same time, it is proposed to issue 1 AAVE token for 100 LEND tokens. A total of 16 million tokens will be issued, of which 13 million will be distributed among the LEND holders, and 3 million will be in reserve storage.
Recall that, as reported in August, the total amount of funds blocked in the Aave protocol exceeded $ 1.46 billion.