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Aave V2 Hits Public Testnet

Version 2 of decentralized lending protocol Aave (AAVE) has launched on the public testnet, according to a blog post published on Nov. 11.

  • First announced in Aug. 2020, Aave V2 will bring a host of improvements to the platform, including debt tokenization and native credit delegation, fixed rate deposits, private markets, and seamlessly being able to repay debts with collateral
  • Users can test the upgrade on the Kovan network, and use a faucet to get tokens for feature testing
  • The protocol change is undergoing 4 separate audits and formal verification, which are set to be completed before launch
  • The shift towards Aave V2 follows the recent handing over of governance to the community, which established complete decentralization of protocol’s governance
  • On Oct. 6, Aave had converted its LEND tokens into AAVE on a 100:1 ratio as a part of its tokenomics upgrade, one of the protocol’s most important milestones since launch
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