Aave has announced the successful launch of Aave V3 on the ethereum mainnet. The latest iteration of the DeFi protocol comes with several improvements, including gas fee optimization and more. 

Aave V3 launches on the ethereum mainnet 

Following strong backing and support from members of the Aave community, the development team has successfully integrated the third iteration of the decentralized finance (DeFi) protocol, dubbed Aave V3, on the ethereum mainnet.

Per a Twitter thread by Stani Kulechov, Aave founder and CEO, Aave V3 comes with several improvements and features, including gas optimization (reduces gas cost by 20 to 25%), a high-efficiency mode for increased capital efficiency, and more.

Aave Protocol V3 is now live on the Ethereum market 👻”The most exciting aspect of V3 is its flexible design, which enables a variety of new risk mitigation features, and its improved capital efficiency & decentralized liquidity – all while reducing gas costs.” @StaniKulechov pic.twitter.com/QsSnnlhEMr

— Aave (@AaveAave) January 27, 2023

To make Aave V3 as hack-proof as possible, the team revealed last October that it had spent about $1.6 million on audit operations for the platform between 2020 and 2022.

At the time of filing this report, Aave protocol is the world’s 4th-largest DeFi ecosystem, with $4.56 billion in total value locked (TVL), only dwarfed by Lido (TVL $8.03 billion), MakerDAO ($7.15 billion) and Curve ($4.72 billion), according to Defi Llama.