Aave Token Holders Collaborate on ETH Conversion Vote
Aave token holders are collaborating in a governance vote on whether or not to convert 1,600 ether (ETH) equivalent to $3 million to wrapped
Aave token holders are collaborating in a governance vote on whether or not to convert 1,600 ether (ETH) equivalent to $3 million to wrapped staked ether (wstETH) and rocket pool ether (ETH).
Wrapped staked ETH and rocket pool ETH are liquid staking derivatives that allow users to earn rewards for locking crypto assets in a blockchain network while retaining the liquidity of the locked funds.
With the conversion, Aave might be able to earn 3.8% by staking wstETH and 3.13% with rETH. Looking at the current status, the DeFi platform’s treasury currently earns 1.69% by staking the 1,600 ETH in the Aave V2 platform. Since Aave is one of the largest DeFi protocols with a net worth of $6 billion, the Aave DAO currently holds 1,786.51 awETH and 104.548 ETH in collector contracts.
At this stage, the proposal has more than 250,000 votes and still counting all in favor of converting 1,600 ETH. The voting requires 320,000 votes to be actioned and will end on July 8th. The majority of votes have been submitted by a wallet named “aavechan.eth” which holds $397,000 worth of staked aave (stAave) tokens.
Meanwhile, Aave price is up by 26% over the past week and confirms a long-term bullish trend. In the last 24 hours, the AAVE token has reached a daily high of $80.28 although it has recovered to $72.90 at this time of writing.
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