Aug 17, 2022 Frank Stewskid

Aave asks its community to formally signal their preference for the upcoming Ethereum PoS merge

A new ARC (Aave Request for Comment) was submitted to the Aave governance website, asking Aave token holders to support the Ethereum Mainnet running under Proof of Stake (PoS) consensus by selecting it over any Ethereum fork running on alternative consensus, including Proof of Work (PoW), following the long-awaited Ethereum transition to PoS, expected to happen in September 2022. 

The ARC states that the Aave protocol will be fully functional following the Ethereum consensus change, as has been shown by the deployment of Aave V3 on Ethereum’s Ropsten and Goerli testnets. However, developers involved with the project have come to a general consensus that it will not be possible to sustain a viable Aave Market on any Ethereum fork, therefore to ensure the continuation of the project’s existence, the Aave DAO is to show its commitment to the upcoming PoS Ethereum mainnet. 

Although the DAO’s final position is to be determined by governance voting through the organization’s governance website, such isn’t yet submitted while Aave token holders express their opinion about the two main points in the proposal. These are: the formal signaling by the project that the Aave DAO deployment, that is about to be released on the upcoming Ethereum PoS, is the canonical governance instance of the Aave DAO & Markets; and authorizing the Community Guardian to take whatever actions are necessary to shut down possible Aave Deployments on any forks that may arise from the Ethereum merge. 

Aave currently exist on Ethereum, Avalanche, Optimism, Polygon, Arbitrum, Harmony, and Fantom, however, more than 70% of its TVL resides on the Ethereum blockchain, making any alternative Ethereum Aave fork a threat to the Aave market and the AAVE token’s price.

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