• AAVE recently passed a governance proposal to pay back debt it accumulated when Avraham Eisenberg targeted the platform’s Ethereum V2 liquidity pool back in November 2022.
• AAVE’s V3 has been launched on Ethereum mainnet and is currently in the top 4 of all platforms, with over $526.52 million total value locked.
• Despite the positive news, AAVE token has not responded either positively or negatively, registering minimal losses in the daily and weekly time frames.

The popular lending platform AAVE has recently been enjoying some positive news. On January 25th, the platform passed a governance proposal that would erase all bad debt it had accumulated when Avraham Eisenberg, orchestrator of the Mango Markets exploit, targeted the platform’s Ethereum V2 liquidity pool back in November 2022. This proposal was welcomed by the community, and was implemented immediately, reversing the damage of the exploit attempt and proving the liquidity of the protocol.

In addition, the deployment of AAVE’s V3 on Ethereum was also implemented. According to data from DefiLlama, the crypto is in the top 4 among all platforms, with over $526.52 million total value locked. Currently, AAVE’s V3 is the highest TVL among Ethereum-based lending protocols.

Despite the positive news, the AAVE token has not responded either positively or negatively. According to data from CoinGecko, the token registered losses in the daily and weekly time frames. However, these losses are too miniscule to revert the token’s gains from the start of the year.

Given the successful implementation of the proposal and the launch of AAVE’s V3 on its mainnet, the crypto might be in a position to tally new highs if the situation permits it. With the platform’s governance proposal and Ethereum V3 deployment, AAVE is set to become a leading lending platform in the near future.