Aave community votes on deploying Aave V3 on ZkSync V2 testnet

Aave community votes on deploying Aave V3 on ZkSync V2 testnet

On Sunday, a proposal to deploy Aave V3 on zkSync 2.0 testnet went live on snapshot. The idea was put forward by FranklinDAO, a decentralized autonomous organization founded by students at the University of Pennsylvania, in collaboration with Matter Labs, the company behind Ethereum layer 2 scaling protocol zkSync.

“Deploying on zkSync will onboard new users & increase user activity on Aave by decreasing costs compared to Ethereum without security degradation.”

The authors argue that the initiative will help “support Aave’s multichain mission and expand cross-chain experiences.” In particular, Aave stands to gain a lot from being available on an EVM-compatible ZK rollup. “Deploying early on zkSync helps solidify Aave’s place as the number one liquidity market and thought leader,” Matter Labs wrote.

zkSync is part of a group of Layer 2 scaling solutions called “zero-knowledge” (ZK) rollups. It has been touted as the end-game for scaling Ethereum. The second iteration of Matter Labs’ ZK rollup recently went live, branding itself as “the first EVM-compatible ZK Rollup on Ethereum’s testnet.” Although the claim of being “the first” is debatable, zkSync 2.0 allows developers who have created EVM dApps to effortlessly port to its platform and enjoy faster transactions and lower gas fees.

As per the proposal, there will be two stages for the deployment of Aave V3 on zkSync 2.0. The first step will involve a snapshot for testnet deployment by the zkSync team. Later on, there will be another snapshot for mainnet deployment once the “criteria for DEX liquidity and other items are met.” In the meantime, the zkSync team claims to have tested most of the critical smart contract library, and everything appears to be working fine.

Members of the Aave DAO have until Wednesday, November 2, to vote. As of press time, over 99% of the votes were in favor of the initiative.

Check BTC Peers guide of the most promising crypto

Read more