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Aave’s Proposal to Launch on zkEVM Passes ‘temperature check’ Vote

With tremendous support from the Aave community, a “temperature check” proposal to install the decentralized exchange (DEX) Aave on the zkSync Era Mainnet was successful in passing.  More than 99% of Aave $81.69 token holders voted in favor of releasing the third version of the lending and borrowing protocol on the zero-knowledge Ethereum Virtual Machine (zkEVM) after voting ended on April 16. zkEVM stands for zero-knowledge Ethereum Virtual Machine.

The launch will be restricted to USD Coins of one dollar each and Ether worth 2,092 dollars, as stated in the plan that was initially presented on March 26. Now that the temperature check has revealed a “positive sentiment,” the following stages that are mentioned in the proposal will be to advance to another stage for additional debate, followed by the evaluation of risk parameter values, and finally, the finalization of the project.

If the subsequent phases are successful, the proposal will be put up for vote and will be subject to approval by the on-chain governance. The number of people who voted against the idea was close to 0.02%, while another 0.02% chose not to vote at all.

The proposal states that deploying on zkSync can be beneficial to the Aave ecosystem by drawing new users into the realm of decentralized finance (DeFi) and establishing Aave as a leading borrowing platform within the context of the zero-knowledge ecosystem.

In a prior off-chain vote, the Aave community decided to deploy the Aave V3 codebase on zkSync’s v2 Testnet. This decision was later accepted in a subsequent on-chain vote.

After a governance proposal was successfully voted on and approved, the decentralized exchange Uniswap is planning to launch on the zkEVM solution provided by the scaling solution provider Polygon.

Aave was subjected to a short assault in the amount of $60 million in November 2022, which was eventually unsuccessful. As a result, the company modified its governance practices.

 

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