Admin Key Handover, New Assets in the Aave Market, and a Successful Migration!
Hello Aave Community!
October has been an incredible month, with over 85% of the LEND supply successfully migrated to AAVE! The migration is open-ended, so no need to worry, but if you still want to complete the migration you can find detailed instructions on how to do so in our Migration and Staking 101 guide.
Keep reading for some of the highlights of the month and have a safe, healthy, and HAPPY HALLOWEEN!
Technical & Development Updates
$AAVE and $UNI were added to the main Aave Market, available to be deposited and used as a collateral!
Additionally, a major milestone for Aave happened just earlier this week: the handover of the protocol admin keys to the governance! Now AAVE holders control the protocol, a major step toward decentralisation and community control over the protocol.
Governance & AIPs
There have been many proposals on our governance forum—feel free to read through them and join in the discussion on topics you are passionate about. We will keep you posted on any upcoming AIPs!
Events & Community
This month we were lucky enough to sponsor 2 hackathons: ETHOnline by ETHGlobal and the Babylon Project Hackathon! We saw so many incredible hacks on Aave, and we look forward to announcing the winners.
We were hyped up to be at so many online events this month, including the 7th Old Friends IOSG Summit; the Black Arrow Conference Webinar; the DeFi Recap with founders of Solana, Curve, and FTX; and many more!
Check out our YouTube channel for more videos of recent events!
Stani at BerChain’s (Berlin Blockchain Community) event
In October, the cryptocurrency market continued its consolidation with some assets losing nearly 50% of their value, such as LEND or KNC. Aave borrowers continued to show good risk management with $5M of collateral liquidated. In parallel, it is a record month of Flash Loans with $215M of volume, bringing $200K of fees for Aave depositors, concentrated in DAI, USDC and USDT.
Investors continue to value Aave’s passive income opportunity with $2B deposited in this month of October, with just $500M of borrows. Below the split of liquidity across Aave’s Market including newly listed AAVE and UNI:
The 100 LEND to 1 AAVE token migration started on the 2nd of October. As of the 30th of October, 1,118,916,024 LEND have migrated, representing 86.07% of total supply.
Among those that have migrated:
- 5,280 hold AAVE;
- 238 deposited their AAVE in Aave, now holding aAAVE;
- 5,100 hold StkAAVE securing Aave in the Safety Module and currently rewarded with 5.5% APY in AAVE;
- A total of 10,010 unique address hold either AAVE, aAAVE or StkAAVE;
- 630 holding two of or all three AAVE, aAAVE and StkAAVE.
Join us and stay tuned...
Want to talk about something you’ve seen on the governance forum or have questions about the governance process? Tune in to our 1st Governance Community Call next Thursday November 5th at 5 pm UK time! The link to join will be shared shortly ;)
Kickoff your Halloweekend the right way, by joining the Aavegotchi Halloween party! If you’re into winning some super rare swags (who isn’t?) join in the Aave costume contest! Share your costume that captures the Aave *spirit* (hehe), tag it #Aaveween, and you might just get a very limited Aave Halloween swag drop! Join the costume contest here!