AAVE is an Open Source Protocol to create Non-Custodial Liquidity Markets to earn interest on supplying and borrowing assets. In a recent interview with Alpha Newsletter, Marc Zeller, Integration Lead at AAVE revealed that they had spent $1.6 million in a span of 2 years for their V3 audit. This may be the biggest audit ever carried out for a single application.
V1 of AAVE introduced flash loans, stable rates, and a-tokens during a non-existing period in DeFi. V2 offers additional features and functionality along with a significant decrease in gas prices. Now comes V3, where security matters the most. Marc Zeller mentioned that:
“From 20-22 we spent $1.6 million on audits for AAVE V3. I think that’s the largest audit spend for any individual application. We do anything that is humanly possible to keep our users safe. And so far it’s proven to yield good results. But obviously zero risk doesn’t exist.”
He believes that they have a huge responsibility to uphold their reputation. They are basically the last DeFi protocol that has never been exploited, or hacked, or have any mention in rekt.news; the last one standing. In the interview, we also found out that Marc is thriving in the current bear market. He thinks that bear markets are for building and your price will be good during bear markets if the product is good. He added: “The tourists and scammers are gone, feels good man.”
Next Step for AAVE
According to Marc Zeller, they are preparing for so many things. What we saw on their announcement is only 5% and many more will come. They are hoping that in a few weeks time, they will release their V3 on mainnet along with their stablecoin (GHO). Moving on, they are working on realizing their own debit card. They had also announced their plans for the AAVE app and wallet. This will become the one-stop shop for social media and DeFi services in addition to fintech services, with GHO being the main currency.
Closing Thoughts
With great power comes great responsibilities. AAVE is doing exactly that, bolstering security alongside their seemingly unending products. We have barely scraped the surface of DeFI and AAVE is not planning to stop. Their interview mentioned that they have years of planning in progress and I cannot wait to find out what their upcoming project is. Until then, check out MEXC with the latest topics, industry news and articles. We believe that an educated audience is a valued consumer. So what are you waiting for? Start your crypto journey with MEXC today!
