Aave launches decentralized governance system on the mainnet

Aave, a lending DeFi protocol, has launched on the mainnet a project governance system via community voting. The first Improvement Proposal (AIP) was migration to the new governance token.

Aave Governance is officially on mainnet, giving the decisional power to the community! Now it’s time to vote on the very first Aave Improvement Proposal (AIP) for the token migration from $LEND to $AAVE.

Thread on how to vote⬇️

Blog post for details: https://t.co/Z09ajBmb2Y

— Aave (@AaveAave) September 25, 2020

Previously, governance took place on the Kovan and Ropsten testnets. LEND token holders could participate in trial polls.

One of them was about migrating to the new AAVE governance token. The proposal received the majority of votes.

On September 25, the official five-day vote on AIP1 began on the mainnet.

If the proposal is approved by the community, AAVE holders will be able to stake tokens in the Safety Module and receive rewards for participating in protecting the protocol.

Later, there is a plan to stake AAVE for BAL-denominated rewards on the Balancer protocol. The size of the rewards will be determined through the governance system.

In July, Aave raised $3 million through the sale of LEND tokens to Framework Ventures and Three Arrows Capital.

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