Aave unveils a new upgrade proposal with plans to mitigate LEND to Aave in 100:1 tokenswap, aiming for a bigger move towards decentralized governance structure as we are reading more in the upcoming altcoin news.
The decentralized financial platform Aave unveils a new plan today that will be an integral part of their goal towards decentralized governance structure by entailing a tokenswap that will convert LEND to Aave in 100:1 ratio. LEND’s price has so far reacted positively to the news and surged by more than 24 percent in the few minutes after the announcement was made.
In a blog post released today, Aave detailed the plan to improve the decentralized nature of the protocol as the co-founder Stani Kulechov spoke about the proposal calling it a “milestone on the journey towards more decentralized governance structure:”
“The moment we’ve all been waiting for is finally here, another milestone on the journey towards a more decentralized governance for the Aave Protocol. We are excited to introduce our tokenomics upgrade proposal: The Aavenomics.”
A key summary of the proposal was also introduced which only highlights the changes that the tokenomics proposal puts ahead. One of the biggest changes is a tokenswap that will provide the investors with 1 Aave token per the 100 LEND token that they hold. This will result in a 16 million Aave token supply 13 million of which will be redeemed by the current LEND holders and the remaining 3 million will be allocated to the Aave Ecosystem Reserve. Some of the other changes include:
A document of the protocol’s site states:
“The goal of the Aave Tokenomics, through its incentives and policies, is to create a Shelling Point where the protocol’s growth, sustainability and safety take priority over individual stakeholder objectives.”
The Aavenomics proposal seems to be a huge favorite among the LEND investors as the token is now trading up about 25% with a current price of $0.326. A huge chunk of these gains came right after the flashpaper was released signaling that investors are interested and are awaiting the governance proposal. If passed, the Aavenomics Proposal will help the project maintain a high growth trajectory.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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