It was first outlined back on June 11th, citing zkSync’s scalability and efficiency while "maintaining the security and decentralization of the Ethereum mainnet… Deposit and borrowing activities can greatly benefit from the reduced transaction costs and increased throughput offered by zkSync.” Once activated, users of Aave can expect low transaction fees and fast finalization which helps improve user experience while enhancing the network’s scalability. The voting process for the proposal is still ongoing, but the general consensus at the moment is an outstanding "Yes” for the community with nearly 47,000 votes in favor of activation.
According to CoinGecko, the token is up over 18% since last week, a sign that AAVE is continuing the market’s bullishness despite the latter grinding to a near stop. Related Reading: Polkadot (DOT) Investor Confidence Falls As Token Loses 16% AAVE is looking to expand the reach of its operations with a proposal that sees to activate the Aave v3 on zkSync, leveraging the latter’s rollup capabilities to keep transactions cheap for users. Yes To Aave v3 Activation On zkSync Aave v3’s activation on zkSync is part of a long-term deployment of Aave v3 on the zkSync chain.
If the market sentiment continues to encourage selling, we might see the token return to pre-$100 levels in the coming days, possibly to the $93 floor price. But the current relative strength index (RSI) figures suggest that AAVE still has some wiggle room to squeeze some short-term gains.
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