Aave is the Defi money market protocol. The validation period is already over. The payload code was executed successfully. Thus, the migration and staking portals will be enabled, the sooner the target block passes. Now, AAVE holders will be governing the protocol.
Aave tweeted: “The migration from $LEND to $AAVE is officially live! Head over to app.aave.com to access the migration portal and staking.”
The voting period for the first Aave Improvement Proposal (AIP1) is already complete. There were overwhelming votes favoring the token migration from LEND to AAVE.
There is a detailed blog post on how to migrate from the LEND to the AAVE token. The instructions for staking is also available. They have a support team to help with the transition every step of the way.
Migrating from the LEND to AAVE will permit participants in the protocol governance to stake within the Safety Module (SM).
Sydney Ifergan, the crypto expert tweeted: “Alert! The AAVE token is the new governance token of the Aave Protocol. There has been a recent governance change.”
Those who are making use of LEND as a collateral in the Aave Protocol, can wait until the app will support the migration with the launch of V2. Those who want to migrate soon, should find another collateral for the position or they have to close it as AAVE is not yet supported.
Those who are having LEND in exchanges or other places, will have to withdraw it to whatever wallet they might be to connect to Aave. Exchanges will let know if the migration is possible from their side.
The wallet with the LEND token should be migrated to the Aave DApp to begin. After connecting, users can simply click on the migration portal and the rest of the steps are intuitive and the migration will be complete intuitively. The sooner the migration is over, the users will be having AAVE and they will be able to vote on further governance updates. Also, they will be able to stake the AAVE for safety incentives.
For those who are new to staking, it is the process of depositing AAVE tokens within the Safety Module in the protocol. Staking is purposed to function as a mitigation tool in the case of a shortfall event.
Users who stake will be getting AAVE as a Safety Incentive (SI). The initial SI rewards are set at 400 AAVE/day and it will be distributed among stakers. The stakers will be receiving percentage of protocol fees; however, that will come later if the governance votes on it.
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