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Aave brings in the second version of its Mainnet within just one year

Divya Gandotra
Divya Gandotra

People often say change is the only constant, and we can learn it from Aave who brought in V2 of its Ethereum Mainnet within only one year of its first version. This is another exciting news from Aave’s side after it launched a new Money Market in the previous month.

Aave launched its first version of the decentralised protocol at the beginning of 2020. The Mainnet allowed people to earn interest on cryptocurrency assets through lending and borrowing processes. Then it also experienced the mid-2020 boom of DeFi. Through its locked value, this has become the fourth-largest DeFi protocol in the market.

However, Aave V1 Mainnet did have some setbacks. That is why Aave has announced its Version 2.0 Mainnet that contains a number of network upgrades, overcoming all the hindrances of Version 1.

The major problem with V1, as per the founder Stanti Kulechov, was that it priced out small-scale users due to surged transaction fees during the high-volatility times. To solve this issue, Aave has turned collateral swapping in a gas-efficient manner in its V2.

There are several such improvements provided by Aave, which will further raise its value, and its already leading reputation will improve.