Aave DAO urges members to commit support for Ethereum’s PoS merge via governance proposal Aave DAO urges members to commit support for Ethereum’s PoS merge via governance proposal
Aave developers believe that no Ethereum fork running on an alternative consensus can effectively sustain a viable Aave market.
2 min read
Updated: Feb. 24, 2024 at 7:38 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
DeFi protocol Aave has requested its token holders to participate in an Aave Request for Comment (ARC), requiring them to commit to Ethereum’s (ETH) POS merge.
Aave Companies have proposed this ARC that calls for the Aave DAO to commit to selecting the Ethereum Mainnet running under the Proof of Stake consensus https://t.co/eDGwjLFKz7
— Aave (@AaveAave) August 16, 2022
According to the document:
“The Aave DAO to commit to selecting the Ethereum Mainnet running under the Proof of Stake (PoS) consensus over any Ethereum fork running an alternative consensus.”
The August 16 proposal would formally decide that the DAO’s deployment on the Ethereum PoS mainnet “is ‘the canonical’ governance of the Aave DAO and markets.”
It will also give the community the guardian power to shut down Aave Deployments on any Ethereum hard fork post-merge.
According to the post, the Aave protocol code would be fully functional on Ethereum PoS. It was revealed that Aave V3 deployments on Ropsten and Goerli testnets were successful.
Meanwhile, the ARC document also stated that protocol developers believe that no Ethereum fork running on an alternative consensus can effectively sustain a viable Aave market.
“To ensure (the) continued existence of the protocol for the community, the Aave DAO should consider signaling strongly that the Aave Protocol should commit to the Ethereum Mainnet, running under Proof of Stake consensus.”
The vote outcome is expected to show the DAO members’ consensus on the Ethereum transition to PoS.
The highly anticipated Ethereum Merge will see the Ethereum mainnet transition from a proof-of-work (PoW) consensus to a proof-of-stake network. While many within the Ethereum community look forward to this, it has generated lots of drama as some have considered PoW hard forks after the merge.
Aave is one of the biggest DeFi platforms and has the third-largest market cap among DAOs. The protocol started on the Ethereum mainnet, and the total value of assets locked on it is $5.44 billion. It has also deployed on networks likeย Polygon (MATIC), Avalanche (AVAX), Optimism, Harmony, and Fantom (FTM).
Its support for the merge is not surprising, considering major protocols like Chainlink (LINK), USDC issuer Circle, and Tether have also declared support for the migration.
Mentioned in this article
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Latest Aave Stories
Featured Story
Advertise Here
In this article
Aave is an open source and non-custodial protocol enabling the creation of money markets.
Ethereum
$3,354.78
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Fantom
$0.70237
Fantom is a directed acyclic graph (DAG) smart contract platform providing decentralized finance (DeFi) services to developers using its own bespoke consensus algorithm.
Avalanche
$35.8057
Avalancheย is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.
Polygon
$0.44459
Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
Tether
$1.00100
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
USD Coin
$0.99993
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Chainlink
$14.7797
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Bitfinex
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.