Aave DAO votes on halting new listings on v1 and v2

Aave DAO votes on halting new listings on v1 and v2

Following talks about discontinuing support for Aave v1 and the migration of capital from several legacy v2 markets to Aave v3, Aave DAO is currently voting on a proposal seeking to halt new listings on Aave v1 and Aave v2.

The proposal, which was presented to the Aave community on November 26, is the brainchild of five authors - @Llamaxyz, Gauntlet, Chaos Labs, 3SE Holdings, and @ItsFreeRealEstate. They argued that Aave v3 offers “superior risk management parameters and controls,” and as such, all future asset listings should happen on Aave v3 deployments.

If approved and implemented, new assets can no longer be added to the Aave v2 deployments. In particular, the Ethereum v1 market, Ethereum v1 Uniswap market, Ethereum v2, Ethereum v2 AMM market, Polygon v2 market, and Avalanche v2 market. However, it is worth mentioning that the proposed update will not affect the Aave Arc and Centrifuge RWA markets, which are powered by the "Permissioned" V2 codebase.

Successful passing of this ARFC will indicate the DAO has decided that the various V3 deployments are the future of the Aave DAO, and support of the various listed markets will be limited to Risk and Critical Technical Updates,” the authors wrote. According to them, the initiative is but the first in a series of actions aimed at deprecating the v1 & v2 deployments across all networks.

Last month, the DAO voted on a strategy to sunset Aave v1 by disabling additive actions on the pool. While active repayments, withdrawals, and liquidations were kept active, the DAO opted to stop providing liquidity and new borrowings on the pool, essentially reducing overhead from the community going forward.

As of press time, more than 99% of the votes were in support of the idea. Voting will remain open until December 9.

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