Aave Hands Governance Over to Users, With Tokenomics Upgrade as First Proposal

Aave Hands Governance Over to Users, With Tokenomics Upgrade as First Proposal

By Abhimanyu Krishnan | News | 28 Sep 2020


Decentralized lending protocol Aave (LEND) has transitioned to full community governance, with the first proposal being a vote on its Aavenomics token upgrade, the team announced on September 26.

  • Implementation of decentralized governance is now on the Ethereum mainnet
  • The first Aave Improvement Proposal (AIP) allows users to vote on an upgrade called Aavenomics
  • Aavenomics is a token migration process that converts LEND tokens into AAVE tokens on a 100:1 ratio
  • There will be a total supply of 16 million AAVE, with 3 million reserved for the Aave Ecosystem Reserve
  • The protocol also features a Safety Module where staked AAVE acts as collateral; users receive AAVE as a reward for doing so 

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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