Today Aave is taking a big step toward more decentralization. The governance module of Aave is live on the Ropsten Testnet!
— Isabel Kivlighan, Digital Marketing Manager
The Aave team continues its path towards more decentralization with the launch of governance on the Ropsten testnet and invitation to the community to participate in the first votes on AIPs.
With $650M deposited into Aave markets, the team wants to activate the transition from phase 1 to a more decentralized phase 2 with governance in full control of the protocol.
The Aave community can vote on a proposal without incurring gas costs, try out the module, and provide valuable feedback before the big launch.
Votes on Aave will be focused on Aave Improvement Proposals, a standardized expression of community consensus around ideas.
The immediate next step is to have governance on Mainnet, and AIPs defined in the Forum in preparation for a vote that can potentially launch the migration process to bring the AAVE asset into existence.
Significance & Benefits:
This is a milestone in the push toward full decentralization for the Aave protocol, allowing the community to add proposals and vote. This paves the way for the transition from LEND tokens to the new AAVE tokens.
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