Top DeFi Protocol Migrates Token From $LEND to $AAVE
Decentralized lending protocol Aave (AAVE) has completed its tokenomics upgrade and converted its LEND tokens to AAVE, according to an announcement made on October 2.
- The vast majority of token holders voted in favour of the Aavenomics upgrade, which was first announced in July 2020
- The upgrade converts LEND tokens into AAVE on a 100:1 ratio, reducing the token supply to 16 million
- It also features a Safety Module that lets users stake AAVE as collateral, for which they are rewarded
- The governance proposal was the first Aave Improvement Proposal (AIP) up for deliberation, and marks a milestone for the project
- Aave has released a slew of features in recent months, including trusted uncollateralized loans via Credit Delegation and mortgage tokenization