The voting period for the first Aave Improvement Proposal (AIP1) has ended, with overwhelming votes in favour of the token migration from LEND to AAVE! The validation period has ended, and payload code has been executed successfully, so the migration and staking portals will be enabled once the target block passes: https://etherscan.io/block/countdown/10978870
ETA for the migration to begin is Fri Oct 02 2020 22:36:35 GMT+0200 (Central European Summer Time)
Thank you to everyone who participated in the voting process, and we look forward to AAVE holders to start governing the protocol! This blog post will show you how to migrate from the LEND to AAVE token, as well as start staking. You can find our migration and staking FAQ here as well, and our support team will be here to help you every step of the way!
Here is the AAVE token address and the migration contract:
AAVE token address: 0x7Fc66500c84A76Ad7e9c93437bFc5Ac33E2DDaE9
Migration contract: 0x317625234562B1526Ea2FaC4030Ea499C5291de4
Please note the AAVE token address and beware of fake tokens!
The seasons are changing, and tokens are migrating!
The token migration from LEND to AAVE will occur gradually, unless the governance votes on a deadline. For now, it’s open ended, so no need to worry!
However, the AAVE token is the new governance token of the Aave Protocol, so migrating from LEND to AAVE allows you to participate in protocol governance and stake within the Safety Module (SM).
Note: If you’re currently using LEND as collateral in the Aave Protocol, you could wait until the app supports the migration with the launch of V2. Otherwise, if you want to migrate sooner, you can find another collateral for your position or close it as AAVE is not yet supported.
The migration process is quick and easy! Connect your wallet with your LEND tokens to the Aave DApp to begin.
*Note: if you have LEND in exchanges or other places, you will need to withdraw it to whatever wallet you’re using to connect to Aave. Exchanges will let you know if the migration is possible from their side.
** If you are using Ledger make sure to have ‘contract data allowed’ as follow
Step 1:
Step 2:
Step 3:
Congratulations — migration complete! After migrating, you will have AAVE and be able to vote on further governance updates, as well as stake your AAVE to earn Safety Incentives.
What is staking and why should I do it?
Staking essentially means depositing AAVE tokens within the protocol Safety Module. The purpose of staking is to act as a mitigation tool in case of a shortfall event. As an incentive to protect the protocol Safety Module stakers will receive AAVE as a Safety Incentive (SI). The initial SI rewards are 400 AAVE/day to be distributed among the stakers. Stakers will also receive a percentage of protocol fees, but that will come later if the governance votes on it.
What is the risk of staking?
In the case of a shortfall event the Safety Module uses up to 30% of the assets locked to cover the deficit. This protocol protection won’t be active on the initial launch, so for now your stake will not have any risk of getting slashed. We will inform you when the slashing is activated.
Step 1:
Step2:
Step 3:
And voila! You’ve staked your AAVE in the Safety Module. Now you will start receiving the SI! Here is what the view will look like:
Once you’ve received SI you can “claim” them and have them sent to your wallet:
In the staking section of the Aave DApp, you will need to activate the cooldown period. The cooldown period must be initiated before you can unstake your tokens. To start the cooldown period, select ‘unstake’ and click on ‘activate cooldown’. It will require one transaction to be sent. The cooldown period by default is 10 days, but this can be further extended by the governance.
After your cooldown period is finished, you can input the amount you’d like to unstake and select ‘unstake’. Submitting this transaction unstakes your AAVE tokens and returns them to your wallet.
NOTE: It’s a good idea to manually add AAVE and stkAAVE (staked AAVE) tokens to your wallets so you can see them there!
Token addresses:
AAVE — 0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9
stkAAVE — 0x4da27a545c0c5B758a6BA100e3a049001de870f5
That’s all folks! If you have any questions, you can reach our support team at wecare@aave.com or on the live chat on our website or in the DApp (orange chat box bottom right corner).
For a refresher on the Aavenomics, check out our Flash Paper. There’s also a nifty LEND to AAVE migration tracker courtesy of Aavewatch, where you can keep tabs on the migration.
Follow us on Twitter for updates, and feel free to dive into our Discord — we hang out in there a lot!
Happy migrating and staking!