Aave the popular decentralized money market has finally launched it’s v2 on Ethereum Mainnet! Version one of Aave launched at the beginning of 2020 and surprised many by quickly growing to over $1b in total market size.
👻It’s the moment we’ve all been waiting for… Aave V2 is live on mainnet! 🍾🎊
Head over to https://t.co/gzkAogjUOS to try it out
Check out the Aavesome new features, security & audit details, and more in the latest blog post: https://t.co/N1oXXH4X5u
— Aave (@AaveAave) December 3, 2020
New Features
Version one of Aave first brought innovation to DeFi by introducing flash loans and aTokens, both of which enabled DeFi users to unlock the power of their idle assets.
Version two continues this trend of innovation by enabling completely new features like yield & collateral swap. Users can now trade their deposited assets across all other assets supported in Aave, effectively enabling you to trade your yield. Collateral swapping can be very useful when managing pending liquidations, users can swap their depreciating collateral for a stablecoin to stop any possibility of liquidation.
In Aave v1, if a user wanted to replay their loan using their collateral, they’d have to manually withdraw collateral, borrow the asset that they owe to finally repay their debt. The v2 upgrade will enable Aave users to pay back their debt with collateral in just one transaction, that is a massive improvement in UI if you ask me.
The flash loan functionality pioneered by Aave is also getting a revamp, with Flash liquidations, batch flash loans, and more. To explore the full list of feature upgrades that Aave v2 will bring, click here.
Accessibility
Utilizing the Aave protocol has also never been easieimr. You can now access Aave v2 directly from:
Security & Audits
The Aave team has always had a huge focus on safety, Aave V2 was audited by multiple renown auditors such as MixBytes; CertiK; ConsenSys Diligence; and PeckShield. This all-star lineup of audits even includes an additional audit report in Chinese. A 5th and final audit is in the works by Sigma Prime.
Beyond the standard smart contract audits Aave is also partnering with Gauntlet to stress test the design of the protocol. The team is continuing to find ways to make Aave more resilient than ever before.
To celebrate the successful launch of v2, the first 100 address to deposit at least $100 worth of digital assets will also receive a special Aave NFT through their partnership with POAP.
Keep up with Aave by following their Twitter.
Business Development and Operations at TrustToken – TUSD. Jack is a startup generalist and DeFi enthusiast. Stay connected with him by following @HHJackSun on Twitter.