The proposal to deploy Aave V3 on StarkNet, passed the temperature check vote with a vote of 99.98% in favor. Phase-2 will mark the full deployment of V3 on Starknet after the successful completion of phase-1.
In its latest iteration V3, Aave introduced a host of new features and enhancements. These include risk management tools and gas optimization functions which can reduce gas costs on the protocol by 25%., the protocol was already active on seven chains, with ETH leading the pack having a dominance of 85%.
At press time, the value of funds deposited on the protocol’s smart contracts was worth over $6 billion, with more than 76% coming from Aave V2. Aave V3 also boasted a 22% share, but with roadblocks for deployment on three more chains cleared, it could increase its piece of the pie considerably.AAVE’s price on the other hand, failed to react enthusiastically to the decision around StarkNet deployment. The token registered a 24-hour drop of over 3% at the time of writing, data fromInfact, it was down by 2% over the last week, implying that developments around expansion didn’t provide a major boost to the token.
Moreover, AAVE’s Open Interest declined nearly 10% in the 24-hour period, per data from Coinglass. The drop in OI coinciding with drop in prices implied that long position traders were getting liquidated.
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