Aave (LEND) has Confirmed the Migration from $LEND to $AAVE

Aave (LEND) Staking

Aave is the Defi money market protocol.  The validation period is already over.  The payload code was executed successfully.

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.

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 are having LEND in exchanges or other places, will have to withdraw it to whatever wallet they might be to connect to Aave.

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…

For those who are new to staking, it is the process of depositing AAVE tokens within the Safety Module in the protocol.

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.