Aave community members approved Matter Labs’ proposal to deploy Aave on Ethereum layer-2 solution zkSync
Aave, the decentralized lending protocol, occurred voting to deploy itself on Ethereum scaling product zkSync. After three days of voting, Aave community members approved the proposal to deploy on Matter Labs’ Ethereum scaling product zkSync.
This proposal came from Matter Labs, the development team behind the layer-2 scaling solution. All voters supported the proposal, while some, like 0.02% of community members, rejected it. In the voting process, the community members used Aave governance tokens, AAVE.
As community members have approved the proposal, Aave will deploy itself on zkSync’s test net. However, there is still a need to propose a new vote by Matter Labs for mainnet deployment.
About the proposal approvement, zkSync tweeted that earlier today, the proposal for Aave to deploy on zkSync 2.0 passed. zkSync said that they’re excited to share what the integration of their open-sourced liquidity protocol will mean for their ecosystem.
zkSync’s team has already verified the open-source smart contracts of Aave and their possible integration to their rollup during proposal creation. The methods to scale Ethereum and bundling various transactions off-chain to ease congestion on the number two blockchain is one of the methods of a rollup.
About the reason for deploying on zkSync, Stani Kulechov, the CEO and founder of Aave, said that deploying Aave V3 on zkSync is essential to ensuring the safety and scalability of DeFi protocols to result in long-term industry adoption. zkSync will further Aave’s expansion cross-chain, reinforcing Aave’s place as the top liquidity market, Stani added.
After this announcement from Aave, Aave’s total value locked is around $5.32 billion, as per data from DefiLlama. This value makes it the fourth largest DeFi, a decentralized finance protocol.
Not only has Aave chosen zkSync for deployment, but other Web3 protocols did the same job. zkSync has onboarded Uniswap, Sushiswap, and MakerDAO to its testnet in February 2022. The community members of these protocols have also accepted this, as Uniswap’s community voted to deploy on zkSync, which resulted in a 0% of voters voting against the proposal.