Decentralized lending and borrowing protocol Aave (AAVE) has released a new tool that migrates full positions directly from the Aave 1 dashboard, the team announced in a blog post published on Jan. 28.
- Powered by flash loans, the migration tool allows users to migrate open positions from Aave v1 to Aave v2 in a single click
- Users can take liquidity from v2, pay loans in v1, migrate the collateral and open identical positions in V2, thereby bringing all of the liquidity back
- The team recommends not migrating more than 5 assets in a single transaction, and v1 contracts will remain accessible indefinitely
- Aave initially revealed the migration tool in Dec. 2020, following the Aavenomics upgrade which converted the old LEND tokens into AAVE
- With the release of the migration tool, Aave has nearly closed the first era of its protocol, which saw new features such as credit delegation