The Aave Protocol released on public Testnet!

Emilio Frangella
Oct 24, 2019 · 5 min read
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Today marks an important step forward for Aave: The release of the public testnet (Kovan Network) of the protocol, including the documentation, the new website, and a developers portal.

Key functionalities

  • Perpetual loans: Users are able to get liquidity from their deposits without any duration and repayment schedule.

Revamped Tokenomics

With the introduction of the Aave protocol, we bring the Aave Token $LEND at the center of the ecosystem. Compared to the current use cases with our legacy apps, the following has been implemented:

  • Deflationary economy: The protocol will collect part of the fees collected by the platform and burn them, forever. Right now 10% of the collected fees are burned, and the burning parameter will be configurable through token-based governance in the future.

Voting power within the protocol level governance will be solely based on the LEND token.

  • This is only the first iteration of our governance model and we will continue to add features to empower the protocol and its stakeholders within our path towards decentralization.

Documentation

The Aave Protocol has been built with developers and integrators in mind, therefore documentation is extremely important. The Aave Developers Portal includes everything that is needed to start building on Aave, including the contracts addresses in the Kovan Testnet, the ABIs and full feature specifications of the protocol. The Developers Portal also includes a section about Security, in which users can find the report of our first audit by Trail of Bits. The Formal Verification by ChainSecurity and a second audit by OpenZeppelin are still in progress, and the reports will be published once completed. Following the completion of the audit process, the source code will be released to the public and a Bounty campaign will start.

The Aave app

Together with the protocol, today we release for public access our brand new Aave app, that can be accessed here.

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The app is designed to allow users to quickly access all the user oriented features of the protocol. The app has also a comprehensive selection of different wallets supported, with more to come.

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The wallets selection screen

The Aave app will in fact support multiple browser wallets (MetaMask, Dapper, Trust, Coinbase Wallet) as well as the WalletLink protocol (Coinbase Wallet) to use your smartphone as a hardware wallet, and Fortmatic.

Testing the App

Testing the Aave app is really easy: You first need to configure your favourite wallet to use the Kovan Testnet and get a few Kovan ETH (the faucet here is a good start, https://faucet.kovan.network/). Once done, head to the “Faucet” screen on the Aave app, which you can find on the bottom right of the view after unlocking the wallet:

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Faucet screen is accessible from the bottom navigation bar

From the Faucet page, you will be able to instantaneously receive 100.000 test tokens by clicking on the “mint” button:

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The Faucet screen

That’s it! You can now deposit the newly minted test tokens into the protocol, and borrow against them. Look at those profits increase in the dashboard! Please note that the client app is still under heavy testing and may be subjected to bugs. Feel free to report any issue you may find!

If you have any changes/improvements/suggestions, please join our Telegram channel or our Discord community. We would love to hear from you!

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