The news was made public on November 3: members of the Aave community unanimously approved Matter Labs’ proposal. Concretely, they agreed to deploy Aave on the zkSync testnet. This vote indicates the first stage of deployment of Aave on the new version of zkSync. It is a Layer 2 deployment network on Ethereum. This deployment will allow members of the Aave community to benefit from faster transactions and reduced fees.
Aave, Matter Labs and zkSync
Aave is a decentralized lending protocol. If we refer to current statistics, it is the fourth largest DeFi protocol. Its total locked value is $5.32 billion.
As for the team behind the proposal, it is Matter Labs. This company is on a mission to accelerate the mass adoption of public blockchains. This is also one of the reasons that led him to create zkSync.
ZkSync is a Layer 2 protocol that aims to not only improve ETH (Ethereum) transaction throughput, but also reduce gas fees.
Ethereum: what will this deployment bring to Aave?
After three days of vote, Aave community members have unanimously approved the deployment of Aave on Ethereum’s zkSync v2 testnet. Only 0.02% of members declined the decentralized lending service contribution to the testnet.
This deployment has a very specific goal: to scale the Ethereum base chain, which many consider to be slow and expensive. Indeed, it is a scaling solution that will help Aave community members achieve significant cost savings on one side. On the other hand, the rollout will help improve the performance of the Ethereum base chain without compromising security or decentralization.
The results point to two realities. First, the current features of Aave do not satisfy the majority of community members. Two, they hope that this deployment on Ethereum will bring a big change in terms of cost and performance. It remains to be seen whether this deployment will actually meet their expectations!
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