The popular decentralized lending protocol Aave has been updated to its third version. The developers have added many new features and announced improvements in the security of the project.
According to statement developers, one of the innovations was “portals” – the function of transferring Aave v3 assets between different blockchains. The translation is done through special “allowed” bridge protocols approved by the Aave community. The third version of the protocol is already running on Polygon, Fantom, Avalanche, Arbitrum, Optimism and Harmony networks. Support for the main Ethereum network will be added a little later.
Aave v3 already supports a significant number of popular decentralized projects including ParaSwap, 1inch, Instadapp, DeBank, DeFi Saver, Zapper, and Zerion. Given the optimization of transaction costs, getting a loan on Aave and repaying it will become cheaper.
The developers also added a special “isolation mode” – when adding a new asset, it can be entered into this mode to protect users and the protocol. In this mode, you can use a new asset only as collateral, and you can set the maximum loan amount issued against this asset. At the same time, it will not work to use other assets at the same time to secure the loan.
It is also important to update and improve the Aave interface. The application itself is deployed on the basis of IPFS. Users will be offered an improved main window of the application with a display of transactions, a simpler display of transaction flows, improved support for mobile devices, and so on.
The developers emphasized that the Aave v3 code has passed several security audits and was found to be fully compliant with the standards. The audits involved Sigma Prime, Trail of Bits, Open Zeppelin, ABDK and PeckShield. The code is also being verified by Certora.
In early February, the Aave team began testing an ecosystem for decentralized social networks. The Lens protocol has been launched on the Polygon Mumbai testnet.
Source: Bits
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