Aave, a decentralized finance protocol, has confirmed the launch of Aave V3, which marks one of the biggest developments in the project’s history. Moreover, the goal of this chance is to bring increased efficiency and improve the security features of the platform. It can be expected that soon, Aave might enter the most prominent DeFi protocols in the coming days.
Aave V3 benefits
The Aave protocol V3 is already “deployed across 7 testnets” and the release of V3 will make the Protocol “one of the most advanced, secure, and efficient DeFi protocols across the ecosystem offering greater capital efficiencies, increased security, cross-chain functionality, and more,” as per the official tweet from the Twitter handle.
Here are the testnets on which the V3 will be active:
- Ethereum Rinkeby
- Fantom Testnet
- Harmony Testnet
- Arbitrum Rinkeby
- Polygon Mumbai
- Optimism Kovan
- Avalanche Fuji
It is also important to note that the V3 has been audited by Trail of Bits, Open Zeppelin, abdk.consulting, Peckshield, and more. Certora Inc. was responsible for the verification of Aave V3 platform whose code can be viewed on GitHub.
Bug Bounty
Aave, which recently brought the Lens Protocol, has also confirmed a bug bounty for all the coders who are able to find out bugs in the V3 protocol. Another tweet from the official Twitter handle of the protocol said:
“Subject to community evaluation, a public bug bounty program will run over the next 30 days which will reward developers for identifying critical bugs.”
As per data from DefiLlama, Aave ranks first in terms of Total Volume Locked (TVL) which currently stands at a value of 19.07 billion which is a huge achievement for the protocol. This is because it is above Curve, Anchor, MakerDAO, and all other protocols in the crypto space, marking its dominance in the industry.
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