The DeFi protocol enables the deployment of the V3 upgrade on Ethereum

• Aave holders agree to a major technology upgrade dubbed Aave Ethereum V3.
• Voting results showed a total of 706,258 AAVE, or 100% support.
• Aave Ethereum V3 is set to activate following a governance vote.

The Aave community has approved the Aave Improvement Proposal (AIP), a governance proposal that seeks to activate Aave V3 on the Ethereum network.

A total of 706,258 AAVE registered as 100% of the vote supported the tech upgrade, which will also list WBTC, WETH, wstETH, USD Coin (USDC), DAI, LINK and AAVE. The community has already pre-approved the tokens.

“The community has spoken and we have the light to deploy the Aave V3 protocol on the Ethereum Mainnet. More details coming tomorrowAave team chirp.

The motion was created on January 22, 2023, while voting started a day later and ended on January 26, 2023 at 05:48 UTC+03:00 (block height 16488207). Currently, the proposal is listed as “on hold” on Aave’s website, with details that this could be implemented within 12 hours.

Aave V3 has already been published on other major chains

Aave V3 is an expected upgrade set for the Ethereum mainnet, with the optimization proposal following the decision to redeploy V3 rather than update the software to the existing V2 stack.

Notably, AAVE V3 is already in the works on several major networks, as it was published in March 2022 on Avalanche, Arbitrum, Optimism, and Polygon. But while V3 offered architectural flexibility and improved composability, the same features weren’t deployed in Aave’s largest market.

Currently, Ethereum accounts for more than $5 billion in total value locked (TVL) on Aave’s V2 protocol.

The upcoming upgrade will increase compatibility across V3 clusters and reduce overall complexity, the AIP reads.