Aave launches the third version of its decentralized finance-focused protocol (DeFi). This new update allows users to move their cryptocurrencies more easily between different blockchains with optimal security and at reduced gas costs.
Moving your assets on Aave easier
Aave has just unveiled the launch of the third version of its decentralized finance protocol (DeFi).
This one aims to bring more security and decentralization for users’ capital. With the support of its community, the Aave protocol continues to expand its reach by deploying on more and more networks including Polygon, Fantom, Avalanche, Arbitrum, Optimism, and Harmony.
Protocol users will have access to Aave V3 through countless new wallet and endpoint integrations such as Instadapp, Debank, 1Inch, Paraswap, Zapper, DeFisaver, Zerion, and many others.
The third version focuses on cross-chain flow compatibility and gas fee optimization. The idea is to make it easier to move cryptocurrencies between different blockchains.
“This new version optimizes flows between different blockchains and mitigates risks. The Aave community will continue to develop and further decentralize the ecosystem around the protocol in the future,”said Aave founder Stani Kulechov.
Other features of Aave V3
Besides making it easier to move crypto-assets, the new version of Aave brings new features.
First of all, users will have access to a higher borrowing capacity thanks to the “E-Mode”, which aims to extract the maximum from their collateral.
In addition, assets classified as “isolated” by Aave’s governance will be able to be used under a specific debt limit. This function is intended to limit the risks and exposure associated with its newly listed assets.
On the other hand, gas fees are optimized to reduce their costs by 20 to 25%.
“The third version of Aave’s DeFi protocol is ready to accelerate the growth of the ecosystem with its completely redesigned user experience. This is a major milestone for one of the most popular liquidity protocols in decentralized finance and reinforces our mission to bring this new finance to the next hundreds of millions of people,”said Sandeep Nailwal, co-founder of Polygon.