Crypto Beginner

After Tether, Aave calls on members to support the Merge

AAVE

Aave has issued what is known as an Aave Request for Comment (ARC). This essentially means Aave is urging its members to choose the Ethereum mainnet running on PoS as the new go-to governance system. The ARC was proposed on Tuesday, 16 August 2022.

The vote is meant to establish a consensus among members with respect to Aave deployment on Ethereum’s mainnet and Ethereum’s transition. The proposal will be made soon on the Aave governance website.

With the ARC, Aave is also giving the authorities power to shut down Aave deployments on any other Ethereum forks.

The move has to do with the fact that 72.6% or $5.4 billion of Aave’s total value locked resides on Ethereum.

In one of its Twitter updates, Aave has stated that it is fully prepared with respect to the upcoming Merge on September 15th. It also said that its codes are fully functional with regard to Ethereum’s algorithm change and that they have been tested on Ropsten and Goerli testnets deploying Aave V3.

Recently, to prevent the weaponizing of PoS to create confusion and harm, Tether announced its support for the upcoming Merge.

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