Aave DAO has approved a proposal to implement Chainlink’s PoR in v2 and v3 on Avalanche. Chainlink had rolled out the PoR feature following FTX ‘s collapse in November. Popular decentralized finance (DeFi) lending protocol Aave is set to integrate proof of reserve in order to secure bridged assets on Avalanche, a layer-one blockchain specializing […]
Aave DAO has approved a proposal to implement Chainlink’s PoR in v2 and v3 on Avalanche.Popular decentralized finance lending protocol Aave is set to integrate proof of reserve in order to secure bridged assets on Avalanche, a layer-one blockchain specializing in smart contracts.
The decentralized autonomous organization behind Aave has voted in favor of a proposal that will see Chainlink’s proof of reserve smart contract implemented into Aave v2 and v3 Avalanche.was brought forward by a member of the protocol’s community, earlier this month. As per the governance forum, the initial release will only cover one network where Aave is deployed. This will allow the protocol to secure one of the biggest non-Ethereum Aave networks.
“Chainlink has been working on this instance of PoR for the longest time, so we feel confident enough about the reliability,” the proposal read.will conclude at 12:30 AM on 23 December, but the turnout suggests that the implementation of Chainlink’s PoR will go ahead. A whopping 99.96% of the votes are in favor of the proposal, approving it with an overwhelming majority.
Aave v3 on Avalanche has bridged versions of several assets including DAI, USDC, USDT, and LINK. These assets are vulnerable to multiple kinds of exploits including the notorious “infinite minting attack.” The implementation of PoR will add an extra layer of security against such attacks.
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