DeFi protocol Aave launches new governance framework on mainnet

DeFi lending protocol Aave has launched its new governance framework on the Ethereum mainnet, the Aave team announced on Friday. 

Aave Governance was previously run on the Kovan and Ropsten testnets, where users could trial vote on Aave Improvement Proposals (AIPs) that would be used to further develop the token. With the launch on mainnet, Aave users can now vote on the first official AIP, which focuses on a planned token migration.

The first AIP, "AIP1," is the proposal that will determine the process of migration from the LEND token to the AAVE token, which will make it Aave's new governance token. Users will have to connect their wallets in the Aave DApp, select the proposal and vote. According to the protocol team, the voting period will last five days. If the proposal passes, the migration will be activated and users can migrate from LEND to AAVE. 

The team behind the protocol, which launched earlier this year, raised $3 million in a sale of its LEND token in July. 

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Saniya More (pronounced: Saan-ya Mo-ray) is a quadrilingual journalist at The Block. She got her master’s degree from the Columbia University Graduate School of Journalism and did her undergraduate degree at the S.I. Newhouse School of Public Communications, Syracuse University. Her work has appeared in CBS News, Bangkok Post, Thai Enquirer, Globalists, Byline Times and other publications. When she’s not chasing a story, you will most likely find her biking, tweeting, taking photos or creating Spotify playlists for every occasion.