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Tuesday, December 6, 2022

Aave Calls Their Members To Commit Ethereum PoS Chain

The result will provide an accurate picture of where AAVE token holders stand about the impending ETH hard split.

Owners of the firm tokens have been contacted to participate in an ARC that would force them to “commit” to Ethereum’s proof-of-stake (PoS) consensus.

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The ARC was put forth on Tuesday in anticipation of Ethereum’s impending switch to proof-of-stake. Members are asked to decide on the Ethereum mainnet’s PoS consensus implementation as the new “canonical” governance system. They are also given the ability to ban any Aave deployments on any other Ethereum forks.

Their decentralised autonomous organisation (DAO), which enables holders of AAVE tokens to vote on software advancements and Aave protocol improvements, will soon post the proposal.

The plan has two key specifications listed on their official website. Their DAO implemented on Ethereum mainnet’s PoS consensus will be officially acknowledged by members as the “canonical governance [mechanism]” of the DAO and the marketplaces.

Aave Calls Members To Commit To Ethereum PoS Chain: 

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The Community Guardian will also have the power to stop their installations on any forks resulting from the Ethereum Merge after receiving a signal, which is the second provision.

The results of the leadership vote should provide a clear indication of how the members feel about the switch from PoW to PoS.

The deployment of v3 of it on Ropsten and Goerli testnets during Merge testing allowed Aave to claim that their code was “totally functional” with Ethereum’s consensus update in the report.

According to Tim Beiko, an Ethereum core engineer, the most recent preliminary schedule for the Ethereum Merge will go into effect on September 15.

At the time of writing, the tokens cost $109.95. With a market valuation of $1.54 billion, they are now the third-largest DAO after Uniswap and ApeCoin.

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