AAVE: Can New Proposals Erase ‘Ghost Protocol’ Status for Good?
Aave attracts the crypto community’s attention following its latest exploits. Dubble the ‘Ghost Protocol,’ the blockchain has actively addressed community proposals lately as the Merge nears.
Meanwhile, the AAVE community hasn’t decided on pausing ETH borrowing until the highly awaited Merge. The voting for the momentary pause Ethereum borrowing proposal began on August 30 and will end on September 2.
The proposal is about mitigating high utilization hazards because of the Ethereum PoW hardfork. The risk within the Ethereum market emerges from users possibly benefiting from ETH-PoW by borrowing $ETH before the Merge. While publishing this post, 48.9% of AAVE investors approved the proposal, whereas 49.8% declined.
It will be fascinating to witness happenings in the coming few days upon the proposal’s outcome. Moreover, the project has an underway proposal regarding the AAVE v3 Retroactive Funding. The proposal has listed some new features.
New nodes like the Isolation Mode and High-Efficiency Mode enabled enhanced capital efficiency within the Aave ecosystem. The proposal revealed that Aave DAO would pay $15M and another $1.28M to Aave firms. That would end V3 development.
Data Analysis
While publishing this post, Aave’s DeFi total value locked hovered at $6.1 billion (DeFiLlama). Meanwhile, most of the number was in Ethereum, amounting to $4.57 billion. Avalanche follows with $780 million. Nevertheless, it remained far from the $14.35 billion yearly high on April 2022.
AAVE Price
AAVE exhibited bearish prices during this publication, dropping 1.67% within the past day to trade near $86.13. The alternative token remained downbeat regardless of the minor revival in the broad crypto market by August 31.
Coinmarketcap data shows Aave noted an 18.31% trading volume uptick within the previous 24 hours. Nevertheless, the underway proposals mean Aave builds a massive foundation before the Merge. That way, the project can forget the ‘Ghosting Protocol’ status.
Meanwhile, bears ride the crypto wave. Most assets noted declines within the last 24 hours. While publishing this blog, Bitcoin hovered weakly above the $20K mark. Also, the global cryptocurrency market capitalization remained below $981.34 billion, losing 1.27% within the past day.
Stay tuned for upcoming updates.
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