September Newsletter
Hello Aave Community!
We’re about to enter this ghost’s favourite season (SpOoKy SeAsOn) and we have some exciting things coming up. This month we released the governance, so the updates and decisions about the Aave Protocol are now in your hands—welcome to the Aave Fam! We have been looking forward to putting the community at the helm of the protocol since January, and it has been so cool to see all you LEND/aLEND holders voting on the first Aave Improvement Proposal (AIP).
Technical & Development Updates
September was a major milestone for us, because the Aave governance was released on mainnet and the voting period for the token migration opened.
Feel free to check out proposals and join in on the discussion on our governance forum!
Governance & AIPs
Today is the last day to vote on the first ever AIP: the token migration from LEND to AAVE. Head on over to the DApp and click on “governance” to vote! All LEND and aLEND holders have voting power.
So far, the vote has been 100% in favour of the migration, and the threshold of 65M votes has been reached. If “yae” still wins on block 10965863, then the migration will start on block 10978863 (ETA: Friday 2 October at 21:06:54 GMT+2). You can track the countdown here: https://etherscan.io/block/countdown/10978863
IMPORTANT: If you voted, please keep your LEND/aLEND in the address you voted with until the end of the verification period (one day after the voting period ends), or else your vote could be challenged, leading to a long verification process.
Stay tuned—if the migration is approved, we will announce it far and wide and provide detailed instructions Friday afternoon to migrate easily. The migration will be gradual, and we will be there to help you every step of the way!
Events & Community
The Aave team was on the interwebs a lot this month, with some epic events! Stani appeared on Ivan on Tech to talk DeFi mania, yield farming, and the dangers. We were also excited to attend Chainlink’s Smart Contract Summit, Pablo made an appearance for the Spanish-speaking Aave Fam, and so many more!
Integrations:
We've been integrated in Rari Capital, a robo-advisor for stablecoin yield. Token Tax has also integrated Aave to make doing your crypto taxes much easier! Finally, native Aave Protocol is live on Frontier!
Monthly Metrics
As often in the cryptocurrency markets, the month of September has witnessed a correction across assets. Aave borrowers have appropriately managed their risk through this market with just $11m of liquidations. Flashloans have peaked this month with $187.5m, enabling users to liquidate positions on other platforms with a minimal amount of fees.
Through this volatile market, Aave has maintained its attractiveness for crypto assets holders who have deposited $3.5b in the protocol (based on exchange rates as of 30/09/2020). In parallel, new yield farming opportunities drove borrows to a record level of $1B.
This was accompanied by high utilisation across the reserves leading to some interest rate parameter adjustments on SNX, DAI and KNC.
Onchain analysis shows the Aave Fam is preparing for the migration from $LEND to $AAVE. The share of $LEND on exchanges has fallen to 33%, its lowest level.
Join us and stay tuned...
Time for a spooky hackathon season! We are so excited to see what you build at ETHOnline, and our dev team served up some hack inspiration here. The Babylon Project Hackathon runs from October 9-11, so come on over and hack on Aave! We can’t wait for BlockDown2020, Liquidity2020, LA Blockchain Week, and so many more!
Don’t miss out on our 4th Community Call tomorrow at 5 pm UK time feat. Aavegotchi! The Aave Fam will be there to answer all your questions about governance, the migration, and staking—we hope you all can join! Tune in here: us02web.zoom.us/j/87045199063
Follow us on twitter to keep up with everything going on at Aave or jump into our Discord!
Cheers,
Aave Team