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Aave’s Community Takes Control of Governance

Decentralized lending platform Aave (AAVE) announced on October 28 that it has handed over the protocol’s admin keys to the community, a major step in the path towards full decentralization.

  • The Aave team handed over the admin keys to community governance, which includes control of key smart contracts
  • The Aave governance contract has been set as the lending pool manager, which will let it change the parameters on borrowing, collateral as well as other features, and list new assets
  • The governance contract handover was followed by giving the community ownership of LendingPoolAddressProvider contract and TokenDistributor contract, which together grant protocol ownership and fee management and distribution rights
  • The team also stated that more updates may be made in the coming weeks to further decentralize the protocol
  • Aave conducted its first governance proposal on October, converting its LEND tokens to AAVE on a 100:1 basis; just under 86% of LEND tokens have been migrated so far
  • Aave is currently has $972.3 million in total locked in value, with a price of $31.31 at the time of publishing
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