Aave v3 is preparing to launch on the Ethereum network

Aave Credit Protocol votes to launch Aave v3 pool on Ethereum network. In the near future, smart contracts of the decentralized finance project will be placed on the blockchain.

Aave v3 on Ethereum will initially support seven assets: wrapped BTC, ETH and stETH, as well as USDC and DAI stablecoins, LINK and AAVE tokens. The list of assets was proposed by decentralized finance risk management company Chaos Labs.

The prices of these assets, with the exception of wBTC and wstETH, the protocol will receive directly from the Chainlink oracle stream. wBTC and wstETH prices will be based on adaptive smart contracts, although they still use Chainlink streams.

Aave protocol v3 on the Ethereum network will be offered with only one mode, eMode. This feature maximizes capital efficiency for received and highly correlated collateral assets.. When the protocol is launched on the Ethereum network, eMode will become available exclusively to ethereum-related assets (wETH and wstETH).

Now the third version of the Aave protocol works on six networks: Avalanche, Optimism, Polygon, Fantom, Harmony and Arbitrum. Aave v2 is the largest DeFi lending protocol on the Ethereum network. The protocol blocks assets worth over $3.5 billion. The third version of the project will be deployed together with the second version, they will work simultaneously. Therefore, users will be able to quickly transfer their assets from the legacy protocol.

Last November, the Aave project froze pools of 17 low-liquidity tokens.