DeFi Project Aave Unveils Major V3 Update and New Features Added
According to information Aave, V3 upgrade will enable next generation DeFi protocol of the next generation. Developers promise to improve user experience, improve the efficiency of capital use, level of decentralization and security.
The update will see the light of several important features, including support for various second-level networks based on Ethereum. Presumably, this function will reduce the level of commissions and the time of transactions, eliminating the need to ferry funds across the often congested Ethereum network.
V3 will also introduce a cross-chain feature called Portal., which will allow assets to be transferred between Aave versions on different networks, including Ethereum, Solana, Polygon, Fantom and others.
Another new feature – high efficiency mode, which will provide users with the opportunity to get the highest loan rates and increase the level of profitability, automatically optimizing investments and not requiring a manual search for the best options.
Besides, the update will decentralize the listing of new assets, that is, various entities will have the right to place assets on the platform through the results of voting on the network. Aave V2 currently requires a lengthy bidding process to list a new asset.
Finally, the update will improve the risk management process. For example, isolation mode will be presented, which will introduce debt ceilings. Besides, there will be restrictions on the supply of the asset, loan limits and various other restrictions, which can be defined by management members and administrators.
According to DeFi Pulse, Aave is currently the second largest DeFi platform in terms of blocked funds, with a $13,8 billion. The release date of the V3 update has not yet been announced.
