AAVE companies recently proposed an ARC that requested Aave DAOs to support Ethereum’s proof of stake. The Aave protocol, formerly known as ETH-lend, runs on the Ethereum blockchain and looks set to turn down the adoption of any Ethereum fork.
Sometime this month, Vitalik Buterin, the co-founder of the Ethereum network, encouraged individuals and communities against the merge to adopt Ethereum Classic, a fork of Ethereum that was birthed due to the infamous “The DAO” attack in 2016.
Rather than turning against Ethereum’s proof of stake, Aave will stick to the network. The migration from proof-of-work to the proof-of-stake consensus was triggered by a desire to scale the Ethereum network.
The Ethereum network has welcomed many more users than it can support in the last few years, which has had negative impacts. Users have been forced to pay high gas fees while battling with slower transactions. With the transition to proof-of-stake, the stage will now be set for further positive upgrades in the Ethereum ecosystem.
As Vitalik Buterin revealed, the upcoming Ethereum merge will have no impact on transaction fees just yet. However, it will serve as a foundation for “the surge” and “the verge,” which would scale the network. Both upgrades will take place in 2023, should plans fall in place.
While the impact of the transition has been debated a million and one times in crypto communities, utilizing the proof-of-stake consensus mechanism would at least have a positive impact on the ecosystem.
The proof-of-stake consensus mechanism would eradicate miners and make the network more energy efficient. Vitalik Buterin also believes that the merge would make the Ethereum blockchain more decentralized and less susceptible to a 51% attack.
In the meantime, the Aave network and other blockchain protocols associated with the Ethereum network will take their stand with the Ethereum merge.
