DeFi lending platform Aave has launched its much-anticipated version 2 upgrade on the Kovan public testnet. The DeFi protocol’s version 2 includes architecture redesign, along with new tools and improvements on UI/UX for providing a seamless DEFI experience. Aave Version 2 on Kovan Public Testnet Aave says that security had been the primary concern of the protocol’s second version. The V2 upgrade is currently undergoing 4 audits and formal verifications. The final results of the verification will be released before the protocol’s mainnet launch. The V2 upgrade also includes a Bug Bounty program with rewards amounting to $250,000. Anyone who is able to extract any loopholes or vulnerabilities of the new V2 will be awarded the Bug bounty reward. The open-source platform had initially announced plans to upgrade its protocol in August. It had also revealed the features that will be included in the new version. Last month, the platform went fully decentralized by allowing its community members to vote on how the new upgrade needs to be developed. Aave’s Genesis Team has now taken the role of builders and will work on popular proposals, and release updates voted on by the community. Aave, the Fifth Largest DeFi Protocol Aave’s first-ever proposal was voted in September where users of Aave were allowed to vote on transitioning from LEND token to Aave. The DeFi protocol indicated that the vote had been 100% in favor of the migration and that the threshold of 65M votes was reached. Aave’s native token, which migrated in late September fell from yesterday’s valuation at $67 to today’s valuation at $57, falling by over 11%. The total value locked (TVL) on the protocol has been in decline since its all-time high of $1.7 billion on August 31. The token dropped below a billion dollars in early November but has recovered to today’s level of $1.16 billion, making it still the fifth-largest DeFi protocol.
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