The community governing decentralized protocol Aave has voted to expand to Polygon’s zkEVM Layer 2 network, powered by zero-knowledge technology.
The governance proposal to deploy Aave V3 on Polygon zkEVM has been approved by the project's crypto community almost unanimously.
The voting process for the proposal submitted to implement Aave on the L2 zkEVM network closed on Tuesday, September 26, with More than 567.000 votes in favor, representing 99,99% of the governance votes presented in the proposal. Only 40 votes were presented in abstention to the proposal (0,01%) and 21 votes against (0,003%).
On the other hand, the quorum to approve the proposal to expand Aave to zkEVM was 320.000 votes, a number that was far exceeded, obtaining almost double the votes necessary for its approval.
The third version of Aave, Aave V3, was launched earlier this year in order to add new features to the decentralized protocol and to increase capital efficiency.
Aave is a decentralized lending protocol with over $5.000 million in liquidity deposited in its smart contracts. It currently ranks second among Ethereum-based lending protocols and seventh among all protocols in this DeFi ecosystem.
Aave expands strategically
Polygon zkEVM is a new second layer network developed by Polygon Labs using zero-knowledge (ZK) proofs to scale the Ethereum ecosystem.
This new network incorporates ZK technology to process transactions with virtually infinite scalability, maintaining network security, significantly reducing transaction fees, and integrating privacy capabilities to protect transaction data. Because of this, Aave’s expansion to this second-layer blockchain brings several advantages to the DeFi protocol.
First, deploying Aave V3 on zkEVM allows the protocol to establish a strategic presence on this new network, promoting the diversity of layer 2 networks and expanding Aave’s reach in the DeFi ecosystem.
In addition to this, Aave can benefit from the network’s scalability and privacy to process transactions faster, more efficiently, more securely, and less expensively.
On the other hand, as indicated in the proposal, the deployment of Aave on zkEVM will start with the implementation of a minimum viable product (MVP) version of the DeFi protocol on the new network. This version will feature only a fraction of the available assets. It is specified that there will be three compatible collateral assets, WETH, WMATIC and USDC, the latter being the only lending asset available for this version. On the other hand, the date of deployment of Aave on Polygon zkEVM has not yet been specified.
Continue reading: Aave stablecoin GHO launches on Ethereum's Goerli testnet
