Aave governance handover to the community nearly 90% complete

The process of handing over the administrative keys from Aave’s developers to the community is nearing completion, after which it will become the largest self-governing protocol in the DeFi sector.

The handover of administrative keys to LEND token holders was announced by the Aave team on October 28.

Today marks a historic moment for the Aave Protocol: we have officially handed over the protocol admin keys to the governance, an important step towards decentralisation!

Read more about the Admin Key Handover and what this means for the protocol: https://t.co/89CxKb09rq

— Aave (@AaveAave) October 28, 2020

The exchange rate under Aavenomics, the decentralisation initiatives for the protocol, is set at 100:1, meaning that for every 100 LEND holders you receive 1 AAVE.

The total supply of AAVE tokens will be 16 million, of which 13 million are allocated for migration from LEND to AAVE. The remaining 3 million tokens will be directed to a fund named the Aave Ecosystem Reserve.

As of writing, 86.63% of the total LEND tokens in circulation have been converted to AAVE.

Source: aave.com.

Earlier, the decentralized governance system for the protocol was launched by Aave developers запустили at the end of September. The transition to the new governance token became the first protocol improvement proposal (AIP) that was put to a vote and supported by the Aave community.

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