This week, Aave, an open-source liquidity protocol, will deploy its V3 cloud. The idea for the launch was made public by one of Aave's fans. Aave blockchain's V3 update will include cross-chain asset functionality, community contribution tools, and a gas optimization mechanism.

Aave's optimization approach is projected to lower transaction costs by up to 25% while also making the protocol more efficient and suitable for future updates. This corresponds to the specifics of the V3 update, which was disclosed by the Aave team around the conclusion of Q1, 2022.

Aave announced the initial V3 update in March 2022, calling it a game-changing protocol. The V3 upgrade, according to the team, comprised Portals, High-efficiency mode, Isolation mode, Gas optimization, L2 designs, Community, and Risk management.

The inaugural V3 sparked community enthusiasm, and the community is reaping many advantages from the enhancements it brought. AAVE began the year on a strong note, rising from 51.89 USD to 87.79 USD in 17 days. The Aave team has guided the community through its progress.

The team incorporated the community in the V3 integration process from the beginning. The community approved the deployment of V3 across Polygon, Fantom, Avalanche, Arbitrum, Optimism, and Harmony, as well as a planned deployment on the Ethereum mainnet.

Movement of Aave Since Joining the Market

Source: CoinMarketCap

Sources:

https://coinmarketcap.com/currencies/aave/

https://mirror.xyz/runchen.eth/UtJm8YF6Y7ZQ5JrwsUt4hUE1hxN1sJowydvQiN9aNtU

https://coinedition.com/aave-price-rallies-as-community-prepares-for-v3-cloud-update/

https://www.investing.com/news/cryptocurrency-news/aave-price-rallies-as-community-prepares-for-v3-cloud-update-2982485