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Aave token holders have been asked to take part in an Aave Request for Comment (ARC), which would require them to "commit" to Ethereum's proof-of-stake (PoS) consensus.
The ARC was proposed on August 16 because Ethereum will soon switch to proof-of-stake. It asks members to choose the Ethereum Mainnet running PoS consensus as the new "canonical" way to run the network. It also gives an authority the power to shut down any Aave deployments on any other Ethereum forks.
ARC for the Aave DAO to signal support PoS ETH upon The Merge https://t.co/0A4YkpHLdq
— stani.lens @ ETHLatam 🇦🇷 (🌿,👻) (@StaniKulechov) August 16, 2022
Soon, the proposal will be made on Aave's DAO, which lets people who own Aave tokens vote on new software and updates to the AAVE protocol.
The proposal has two main specs, which are explained on Aave's governance website. First, members will make it official that the Aave DAO deployed on Ethereum Mainnet's PoS consensus is the "canonical governance" of the Aave DAO and Aave markets.
Second, a signal will give the Community Guardian the power to stop any Aave deployments on any other forks that come out of the Ethereum 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
The result of the governance vote should give a good idea of how Aave members feel about Ethereum switching to PoS.
In the report, Aave also said that its code was "fully functional" with Ethereum's consensus change. This was done by putting Aave V3 on the Ropsten and Goerli testnets during the Merge tests.
Tim Beiko, an Ethereum Core Developer, has set the most recent tentative date for the Ethereum Merge for September 15.
Aave was first put into use on the Ethereum Mainnet. It is now on Avalanche, Arbitrum, Optimism, Polygon, Fantom, and Harmony. But $5.44 billion, or 72.6% of Aave's total value locked (TVL), is on Ethereum. This means that any alternative Ethereum fork that comes out of the Merge could affect the Aave market and token price.
At the time this was written, the price of an AAVE token was $109.95. By market cap ($1.54 billion), AAVE is the third largest DAO after Uniswap (UNI) and ApeCoin (APE).
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