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LEND, the DeFi darling up 5,000% in 2020, is about to undergo a critical upgrade

Aave has quickly become a flagship product in Ethereum’s DeFi ecosystem. The decentralized money-market, where users can trustlessly borrow and lend crypto-assets like stablecoins, currently has over $1 billion worth of value locked in its contracts. Per DeFi Pulse, it is the third-biggest Ethereum protocol by total locked value.

While a flagship product in decentralized finance, the protocol is not entirely decentralized.

Governance of the protocol, meaning the direction it moves in, has largely been dictated by the organization behind the deployment of the protocol. Of course, users could voice their opinions online if they wanted something change, but there has been no formal governance structure to allow retail users to participate.

This is changing, though, with the introduction of “Aavenomics,” where the protocol’s native Ethereum-based token, LEND, will be swapped for a new token called AAVE that will help govern the protocol.

We broke down Aavenomics in a prior post.

It was recently revealed that Aavenomics is now being rolled out, with it falling on the community if this upgrade should be released now or later.

Aavenomics is being rolled out, bolstering a top Ethereum DeFi protocol

According to an announcement by the Aave team on Sep. 25, “Aave Governance is officially on mainnet, giving the decisional power to the community!” This comes after a period of governance on the Ropsten and Kovan testnets, which proved successful.

The first proposal is to activate Aavenomics, “making it the new governance token of the Aave Ecosystem.” This will give users the opportunity to trade LEND for AAVE at a 100:1 ratio, giving the cryptocurrency a price closer to that of many other tokens in the DeFi ecosystem.

The launch of $AAVE is officially in the hands of the community as AIP1 is now live 🎉 ✅ Testnet governance✅ Signalling✅ Mainnet contracts🔜 AIP1 passes🔜 $LEND to $AAVE migration🔜 Safety mining to earn $...
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