September 23: MetisDAO incentive program goes live on Aave V3
- 100,000 $METIS tokens have been designated to bolster liquidity pools.
September 5: Debt Switch and Withdraw & Switch introduced
- Debt Switch — seamlessly switch borrow positions.
- Withdraw & Switch — a withdraw that ends in your choice of asset
August 22: Aave V3 launches on Base chain
August 12: GSM Code becomes public
July 20: The first GHOAave liquidity pools go live
July 15: GHOAave successfully launched on the Ethereum mainnet
- $GHO is the only decentralized, overcollateralized stablecoin native to the Aave Protocol
June 21: $stkAAVE upgraded
- Redeem and restake AAVE rewards in a single transaction. Save on fees, time, and avoid hassle.
June 6: Integration with Enyzme Finance.
- Enzyme Finance ensure operational safety and streamline the management of digital assets.
May 26: AAVE offers hackathon bounties at ETHPrague totalling $10k.
- Best GHO Hack.
- Best use of Aave with Optimism.
- Best Governance Hack.
May 9: AAVE v3 lending market goes live on Metis network.
May 4: AAVE V3 deployed on the Scroll Alpha testnet.
April 21: Integration of Balancer’s boosted pools on AAVE v3.
April 13: Dev docs for AAVE v3 published.
April 13: Dev docs for GHO is released for its first hackathon.
March 23: AAVE DAO receives 2,704,175 ARB tokens from the Arbitrum Foundation.
March 18: Rescue Mission Phase 1 Long executed .
- Activation of Aave rescue mission Phase 1, Level 2 (Long) Executor part.
- Since the birth of the Aave ecosystem, multiple people have sent tokens by mistake to incorrect addresses.
- AAVE has come up with a plan to “rescue” those funds, providing the affected people a way to recover them.
March 17: Improved delegation feature shipped.
- Users can now:
- View who you have delegated to.
- Delegate both voting and proposition power in one transaction.
- Revoke delegation.
March 8: AAVE deployed to Sepolia Testnet.
March 3: $GHO Genesis parameters proposal.
- Borrow Rate (BR)
- stkAAVE Discount Rate (DR)
- DR 25% T=4 max 25% of GHO supply for stakers.
- Facilitator Bucket Capacity
- Minimum of 50M or 25% of active borrows on V3 Ethereum Market.
- DEX liquidity pool 50/50 GHO/3Pool
- Need to seed DEX liquidity ⇒ Target stable liquidity pool of $15M GHO.
February 20: $LUSD enabled on AAVE v3.
- $LUQD is Liquity Protocol’s stablecoin.
February 8: GHO Stablecoin Testnet Launched on Ethereum Goerli Testnet.
- GHO is Aave’s native decentralized and overcollateralized stablecoin.
- Three additional audits have been completed by Open Zeppelin, SigmaPrime and ABDK.
- The next step is to launch GHO on Ethereum mainnet if certain requirements are met, including:
- Changes required to stkAAVE to enable GHOs discount rate to be implemented.
- Snapshot for Ethereum V3 Facilitator and FlashMinter Facilitator.
- Initial Parameters Proposal and Bucket Cap and Borrow Rate Framework.
- Facilitator Framework.
- Bug Bounty.
- GHO implementation AIPs.
August 4: Optimism Liquidity Mining launched.
- 90-day duration, 5M OP tokens to be distributed.
- Liquidity Mining ended October 31, 2022.
July 17: Harmony ONE and WONE (wrapped ONE) supply and borrow limits reduced.
- Response to Harmony One bridge exploit.
March 16: Aave v3 launches.
- A curated list of bridges is used to make transferring Aave assets crosschain easy.
- High Efficiency Mode or “E-Mode” allows for more borrowing power for assets in same category, increasing capital efficiency.
- Isolation Mode: Newly listed assets have collateral and borrowing limit, can only borrow and lend assets of the same category.
- Gas costs were reduced 20-25%.
- Redesigned app and Aave dashboard deployed to IPFS.
- V3 was audited by Sigma Prime, Trail of Bits, Open Zeppelin, ABDK, PeckShield and Cretora.
August: Crosschain governance introduced.
- Crosschain governance audited by MixBytes.
- Aave Front End interface goes open source, the community can help improve UI.
May: Crypto market downturn.
- Despite some assets listed on Aave falling 70%+, liquidity grew 68% in May.
- Aave users on Polygon grows to 29,000.
- Liquidity grows to $21.5B, with $12.6B on Aave v2, and $7.9B on Polygon.
April: Aave surpasses $14B market size.
March: Aave surpasses $6B market size, AMM poll over $60m.
- AMM pool lets users use Uniswap v2 and Balancer LP tokens as collateral.
December 3: Aave v2 launches on ETH Mainnet.
- Collateral swaps introduced: users can swap collateral while it is deposited.
- Users can now pay the loan off with collateral directly.
- Flash loans for liquidations were introduced, giving more opportunities to liquidators who don’t have as much capital.
- Batch Flash Loans introduced: Users could combine Flash Loan transactions of different assets into one.
- Debt Tokenization introduced: this makes it easy to track debt and also to manage debt with cold wallets.
- Future plans for Credit Delegation laid out.
- Gas costs are reduced up to 50% in some cases.
- Stable and Variable rate borrowing, with the ability to switch between the two.
- Ability to access Aave through other front ends, wallets, and platforms.
- Increased collateral capacity for USDC, BAT, LINK, UNI, WBTC, and WETH.
- Cheaper stablecoin borrowing rates below optimal utilization.
- Audited by Certora, MixBytes; CertiK, ConsenSys Diligence, and PeckShield.
October 2: Token migration goes live.
- Migration was actually voted in by the community as the first-ever AIP vote that passed.
- “Safety Mining”: AAVE token holders could stake tokens in the protocol Safety Module (SM) for Safety Incentives (SI) in return for helping to secure protocol funds.
- Future plans for Staking announced: users can stake single-sided AAVE or AAVE+ETH BPT LP (Balancer Pool Token) for AAVE and BAL (balancer protocol native token) rewards.
- Protocol keys were handed over to Community Governance.
August 13: Aave governance goes live on testnet.
- Includes AIPs (Aave Improvement Proposals) followed by voting process.
July 9: Token swap from LEND to AAVE announced.
- Market size reaches $500m.
July 7: Credit Delegation implemented.
- Users could take out loans, and then “delegate” the loaned amount to another party through Aave.
June 10: Aave reaches $100m market size.
January 8: Aave protocol launches on Ethereum Mainnet, with new features:
- aTokens, which are pegged 1-1 with original tokens but increase in value, similar to liquid staked tokens.
- Stable Rate interest model; these were fixed-rate loans to could be rebalanced later on.
- Perpetual loans, which allowed users to take out loans without repayment schedules or time limits.
- Aave Oracle, powered by Chainlink, was used to secure 15 crypto price feeds for Aave.
- Protocol fees are used to burn LEND tokens.
- Fees: 0.025% on loan origination, or 0.35% for flash loans.
- 70% of fees go to lenders, 30% to protocol.
October: Aave v1 launches on Kovan testnet.
- Included flashloans, loans that could be taken out without collateral and repaid in the same block.
- Introduced rate switching feature.
Summer: Decentralized Lending Pools (DLPs) concept was introduced.
February 19: ETHLend Baiji launches on ETH Mainnet.
- Users could borrow against BTC and DAI as collateral.
- Aave Pay was introduced; users could use LEND tokens or other cryptocurrencies to pay IRL expenses.
- The team continues to rework and design the Aave model.
January 9: Team expands operations to London.
- London had the biggest FinTech scene at the time.
- The goal was to reach out to more institutional investors.
The team continues to rework and design the Aave model.
December: ETHLend Baiji (at this point, a subsidiary powered by Aave) launches on testnet.
September 18: ETHLend rebrands to Aave.
- Switched to liquidity pool model, as the initial peer-to-peer lending model had issues with finding counterparties for loans.
- Liquidity in DeFi was increasing, making the shift to the new model easier.
- Users would supply funds or deposit collateral in liquidity pools that people could use to take out loans; this means people didn’t have to individually borrow or lend with counterparties.
- Mika Soyring joins as CFO, Ville Valkonen joins as CCO.
- Announced new products including:
- Aave Gaming, a blockchain gaming studio.
- Aave Clearing, an OTC trading desk for institutional investors.
- Aave Pocket, a blockchain-based payment processing system.
- The idea behind Aave was initially formed in late 2016.
- Project founded by Stani Kulechov, first known as ETHLend.
- Aimed to build a decentralized, peer-to-peer lending platform.
- Initially planned to use a peer-to-peer lending model where users would lend and borrow directly with each other.
- The team thought this was better than using liquidity pools, as there was low liquidity in DeFi at the time.
- Raised $16.2 via ICO.
- 1 billion LEND tokens sold, the team held 300 million tokens (now called AAVE tokens).