Aave (AAVE) tokenholders happen to be requested to get familiar with an Aave Request Comment (ARC) that will require these to ”commit” to Ethereum’s proof-of-stake (PoS) consensus.
The ARC, suggested on Tuesday, comes considering Ethereum’s approaching transition to proof-of-stake. It calls for people to select the Ethereum mainnet running under PoS consensus because the new “canonical” governance system whilst giving capacity to an expert to seal lower any Aave deployments on what other Ethereum forks.
ARC for that Aave DAO to signal support PoS ETH upon The Merge https://t.co/0A4YkpHLdq
— stani.lens @ ETHLatam (,) (@StaniKulechov) August 16, 2022
The proposal will quickly be produced on Aave’s decentralized autonomous organization (DAO), which enables AAVE tokenholders to election on software developments and updates towards the Aave protocol.
As outlined on Aave’s governance website, the proposal includes two primary specs. First of all, people will formally signal the Aave DAO deployed on Ethereum mainnet’s PoS consensus may be the “canonical governance [mechanism]” from the Aave DAO and Aave markets.
Next, an indication can give the city Protector the legal right to shut lower any Aave deployments on every other forks that arise in the Ethereum Merge.
Aave Companies have suggested this ARC that requires the Aave DAO to invest in choosing the Ethereum Mainnet running underneath the Evidence of Stake consensus https://t.co/eDGwjLFKz7
— Aave (@AaveAave) August 16, 2022
The end result from the governance election should provide a very good sign regarding where Aave people stand regarding Ethereum’s transition to PoS.
Within the report, Aave also asserted that its code was “fully functional” with Ethereum’s consensus change, that was made by deploying Aave v3 around the Ropsten and Goerli testnets throughout the Merge tests.
The Ethereum Merge is placed to consider effect on Sep. 15, based on the latest tentative schedule set by Ethereum core developer Tim Beiko.
Related: Aave DAO approving overcollateralized stablecoin splits crypto community
Getting first been deployed around the Ethereum mainnet, Aave has become on Avalanche, Arbitrum, Optimism, Polygon, Fantom and Harmony. However, $5.44 billion, or 72.6%, of Aave’s total value locked (TVL) resides on Ethereum, so what other Ethereum forking that comes from the Merge could change up the Aave market and token cost.
The cost from the AAVE token is $109.95 during the time of writing. Aave is presently the 3rd largest DAO by market cap of $1.54 billion after Uniswap and ApeCoin.
