An update for the community about the Aave v3 Ethereum release process.
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The Snapshot vote to decide the initial assets to be listed is finished, with the community choosing the reduced initial set proposed by Chaos Labs. Aave v3 Ethereum will start with WBTC, WETH, wstETH, USDC, DAI, LINK, and AAVE.
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Only 1 eMode will be active: ETH-correlated assets, including WETH and wstETH.
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All assets apart from wstETH and WBTC will have a “pure” Chainlink price feed connected. For wstETH and WBTC we will use price adapter smart contracts (the latter following the decision on https://snapshot.org/#/aave.eth/proposal/0x2b95df8c7b2141acdead83beb4cdede9624bb2a4c74f873a5727e2a54f322525.
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The initial interest rate models will follow those present on v2 Ethereum assets and other existing instances of v3, especially because v3 models are slightly different from v2 (mainly in what concerns stable rate). In the case of ETH and wstETH (enabled to borrow, even with a pretty low cap), the rate model will be the one defined on https://app.aave.com/governance/proposal/131/.
We highly recommend that risk/treasury entities of the community put a more granular definition of rate models as high-priority items. Still, we don’t consider this a blocker for activation. -
The v2->v3 migration tool is in its last steps, being actively reviewed. We expect it to be out with v3 Ethereum activation, but it is possible to have some delay on it.
If the final review process goes smoothly, we expect to be creating a governance proposal for the activation of Aave v3 Ethereum this week.