The developers of the DeFi Aave project announced the transfer of rights to manage the protocol to the LEND token holders. Aave has become the largest self-governing decentralized finance protocol.
The administrative keys to the protocol were originally in the hands of the Aave team. However, the project has now reached the stage where the management of the protocol can be transferred to the shoulders of the community and Aave can be truly decentralized. For this, administrative rights were transferred to the community of LEND token holders.
As part of the transfer of control of the protocol, the Aave Governance smart contract was empowered to change the protocol parameters and properties of the main Aave smart contracts, including the LendingPoolAddressProvider – the underlying smart contract of the protocol.
“Today is one of the most important milestones in the development of Aave: we have officially transferred the administrative keys of the protocol to the community. This is a very important step towards full decentralization, ”the developers wrote in the project’s blog.
Following the transfer of control of the Aave project to the community, LEND token holders have already voted for one change. This is the launch of the ability to migrate LEND tokens to AAVE tokens in a 100: 1 ratio. In the future, this will allow transferring control of the protocol to AAVE token holders.
As a reminder, the Aave protocol management system using tokens on the Ethereum mainnet was launched at the end of September. Almost $ 1 billion is currently blocked in the Aave protocol
