Aave, one of the largest decentralized finance (DeFi) lending platforms, has announced the launch of the third iteration of its protocol, dubbed Aave “v3.” The defi lending giants aim to expand their reach in the industry with the launch.

The Aave Version 3 Features

Aave says version 3 is the strongest Aave protocol since its inception. The upgrade includes cross-chain lending for Aave.

Aave announced the launch of its services across six different blockchains – Polygon, Fantom, , Arbitrum, Optimism, and Harmony. A seventh chain – mainnet – is expected, but with an unspecified date.

Aave is compatible with multiple blockchains so users can seamlessly borrow and deposit assets on Aave.

Aava has also introduced an “isolation mode” in its new protocol to enhance security. Aave version 3 also promises higher efficiency to unlock the user’s ability to access even higher borrowing.

Version 3 not only introduces cross-chain asset flows, but also reduces transaction costs by 20-25% through gas optimization.

Aave expands its DeFi Services

Aave has also fully redesigned & refreshed the Aave app. Aave notes that it has revamped its app to allow users “access simplified transaction flows, enjoy faster load times, & gain enhanced visibility into their holdings.”

Along with the improvement to its protocol, Aave announced that it hopes to use the V3 to bring new and existing Aave community members to “participate in the Aave DAO, which will continue to shape the future of DeFi.”

The Flipside

• Aave’s native token (AAVE) has been unable to keep up with the growth of the protocol, falling by 80% since May 2021

Why you should care

Aave is retooling Aave in order to tap a wider market and push decentralized lending mainstream.

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