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 

Related Reading:

• Aave announces Aavenomics upgrade
• Aave launches untrusted collateral loans, Credit Delegation