Aave (LEND) community could be celebrating but this could be the most critical moment as the platform governance rights changes hands. Now the community has the power to decide which direction the lending outfit takes. This comes at a time when the platform popularity is slowing down due to the emergence of shinier projects in the market.
Aave (LEND) is ranked 43 by MCap after changing hands at $29 after shedding 5.15% in the last 24 hours to the green buck. This is not a good sign for the community. The Total Locked Value has been on the down trend after a high of nearly $1.7 billion in August to the current $327 million.
Aave (LEND) True Decentralization
The rights transfer to the ecosystem’s token holders is a clear indication that Aave (LEND) true decentralization is being achieved. This means the future of the platform is in the hands of the participants. The shift of decision making is new in the DeFi space and putting the administration keys to the token holders can make or break the promising ecosystem.
A statement from the core developer team dated October 29 read in part:
Today marks a historic moment for the Aave (LEND) Protocol: we have officially handed over the protocol admin keys to the governance, an important step towards decentralization!
This comes after a community vote to have the governance transferred to the AAVE Governance from LEND. With Crypto lending and borrowing being the latest fad in the crypto space, investors are watching the space with speculation playing a big role in determining DeFi uptake.
Aave (LEND) Route to Market
The Aave (LEND) route to market using flash lending appears to have set the protocol on the right path. What’s more; borrowers do not need any collateral to access the loan facility. With the processes under smart contract check, the ball is in the hands of the community to steer the platform to the next level.
Since its launch in January, a lot has changed. The dynamism associated with Decentralized Finance (DeFi) and crypto in general will set the pace for the token in the market. With over 20 coins to play around with, the platform potential is undoubtedly one of the best in the digital money market.