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Top Cryptocurrency news: Aave urges participants to support the Ethereum PoS chain

17-Aug-2022 By: Divya Behl
Top Cryptocurrency n

The outcome will show unequivocally where owners of AAVE tokens stand in relation to the upcoming ETH hard fork.

Holders of Aave tokens must "commit" to Ethereum's proof-of-stake (PoS) consensus in order to participate in an ARC.

On August 16, the ARC was presented in light of Ethereum's upcoming transition to proof-of-stake. Members are asked to decide on the Ethereum Mainnet's PoS consensus implementation as the new "canonical" governance system, and they are also granted the authority to ban any Aave deployments on any alternative Ethereum forks. The proposal will shortly be posted on AAVE's DAO, which enables holders of AAVE tokens to vote on software advancements and AAVE protocol improvements.

The plan has two key specifications, which are listed on Aave's governance website. The Aave DAO implemented on Ethereum Mainnet's PoS consensus will be officially acknowledged by members as the "canonical governance [mechanism]" of the Aave DAO and Aave marketplaces.

The Community Guardian will also have the power to stop any Aave deployments on any other forks that result from the Ethereum Merge after receiving a signal, which is the second provision. The results of the governance vote should provide a clear indication of how Aave members feel about the switch from PoW to PoS.

The deployment of Aave V3 on the Ropsten and Goerli testnets during the Merge testing allowed Aave to claim that their code was "totally functional" with Ethereum's consensus update in the report. A developer for Ethereum Core named Tim Beiko claims that the most recent tentative schedule for the Ethereum Merge asks for it to take place on September 15.

Aave, which was initially launched on the Ethereum Mainnet, is currently available on Avalanche, Arbitrum, Optimism, Polygon, Fantom, and Harmony. Aave's market and token price could be affected by any alternative Ethereum forking that results from the Merge because $5.44 billion, or 72.6% of its total value locked (TVL), is stored on Ethereum.

At the time of writing, the AAVE token costs $109.8. After Uniswap (UNI) and ApeCoin, AAVE is currently the third-largest DAO by market cap ($1.52 billion) (APE).

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