The teams behind the development of Aave (AAVE) have recently made a request to the AAVE token holders. The request is surrounding their commitment to the proof-of-stake (PoS) of the Ethereum chain.
Aave’s Request for ARC
The teams have requested that the AAVE token holders should participate in the Aave Request for Comment (ARC).
As the token holders take part in ARC, they will be required to make a commitment. They have to commit to the proof-of-stake consensus protocol being launched by Ethereum.
ARC was proposed on Tuesday
It was on Tuesday when the teams behind Aave launched their request asking the users to commit to the Ethereum PoS.
The commitment is to the new protocol of the Ethereum blockchain. Ever since its launch, the Ethereum blockchain had been operating as a proof-of-work (PoW) consensus.
However, with the implementation of the Merge that is to take place in September, Ethereum’s consensus protocol will change entirely.
It will no longer be the proof-of-work but will be transitioned to proof-of-stake protocol. Following the implementation of the Merge, the PoS will replace PoW as the governance system.
Proposal to be made on DAO
The sources claim that the proposal for the commitment will be put in motion on the decentralized autonomous organization (DAO) of Aave.
The particular DAO is used to let the AAVE token holders share their preferences about the software updates and developments by voting on them.
Aave will be using the same platform to propose to commit to the Ethereum PoS protocol. There, the token holders will have the opportunity to vote in favor of or against the protocol.
The reason behind the Governance Vote
Proposing the commitment and letting the token holder vote would allow Aave teams to know exactly what the AAVE token holders are after.
They will get their standpoint in terms of Ethereum and how well they are taking in the transition of the Ethereum PoW protocol to the Ethereum PoS protocol.
Ethereum Merge Deployment Date
As of now, the confirmed date for the deployment of the Ethereum Merge is September 15. However, given the number of delays and data changes the implementation has already undergone, another delay in the implementation will not be a surprise.
The confirmation regarding the implementation of the Merge was shared by Tim Beiko, who is one of the core developers at Ethereum.
Aave was initially deployed on the Ethereum mainnet. However, over time, it has increased its influence and network on other blockchain networks as well.
Now, the blockchain is found on Harmony, Fantom, Polygon, Optimism, Arbitrum, and Avalanche. The total value locked on the Aave protocol currently stands at $5.44 billion.
The analysts suggest that the implementation of the Ethereum Merge could have a positive impact on the trading price of the AAVE token.