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Aave Price Rallies as Community Prepares for V3 Cloud Update

Published 01/18/2023, 04:20 PM
Updated 01/18/2023, 04:45 PM
Aave Price Rallies as Community Prepares for V3 Cloud Update

  • Aave blockchain is set to launch V3 cloud upgrade this week.

  • The new upgrade will introduce cross-chain asset functions, community contribution tools, and a gas optimization model.

  • Price of Aave continues to rise as the community looks forward to new development.

Aave, an open-source liquidity protocol is set to launch its V3 cloud this week. According to the popular crypto reporter Collins Wu, the plan for the launch was made public by one of Aave’s supporters with the Twitter handle @0x4Graham. Wu explained that the V3 upgrade will introduce cross-chain asset functions, community contribution tools, and a gas optimization model on the Aave blockchain.

The optimization model mentioned by Aave is expected to reduce transaction costs by up to 25% and make the protocol more efficient and ready for other upgrades. This is in line with the details of the V3 upgrade that was released by the Aave team towards the end of Q1, 2022.

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