A governance proposal floated by the Aave community centered around the platform’s code licensing ended on Tuesday, with 55% voting for the ecosystem to apply for a ‘business license.’
“This vote is essentially a signal on whether or not the Aave community wants to protect its Intellectual Property from unauthorized use, or simply allow anyone to use the code in any way they prefer,” the proposal’s pseudonymous writer defined.
DeFi-centric funds like Singapore-based DeFiance Capital known as it one of an important proposals within the Aave ecosystem. “This has been one of the most important, if not the most important proposal on Aave,” mentioned Goh Yeou Jie, who oversees portfolio development on the fund.
The proposal was half of Aave’s broader 3 launch technique, one which introduces further options resembling cross-chain transactions, improved danger mechanisms, a greater codebase for group contribution, and added mechanism to promote utilization of layer 2 merchandise (layer 2s are scaling options or implementations that run atop a main blockchain).
Aave, one of the so-termed ‘blue chip DeFi’ cryptocurrencies, is an Ethereum-based, open-source protocol permitting customers to earn curiosity on deposits, borrow belongings, and take out zero-collateral loans. It depends on sensible contracts that automate protocol providers like different Decentralized Finance (DeFi) protocols.
Aave’s decentralized nature means aave token holders can suggest additional enhancements, integrations, and partnerships on its governance boards — with proposals handed primarily based on majority votes that are calculated on the quantity of aave tokens used to place these votes.
Why the Vote Matters?
The proposal supplied the group two main selections for voting: 1. A authorized enterprise license that restricts others from utilizing Aave’s code — regardless of it being ‘open-source,’ which primarily means anybody is allowed to use Aave’s code for themselves — till a interval of one yr, or 2. A Massachusetts Institute of Technology (MIT) License, a permissive free software program license originating at MIT that places restricted restrictions on code reuse.
A enterprise license would imply any undertaking or developer that makes use of Aave’s code for their undertaking would have to take permission from a authorized entity that may be arrange to management such selections. An MIT License, however, would have meant little in the way in which of such restrictions. A majority selected the previous.
55.44% of the group voted for Aave to have a enterprise license, representing over 387,000 aave in vote stakes. An handle known as ‘defimaximalist.eth’ emerged as the highest voter, placing up 191,000 aave tokens to vote for the enterprise license choice.
“Having a business license (similar to Uniswap V3) initially will help to prevent a fork for the time being, and we suggest a 2 to 3 years delay for it to transition to an MIT license. This will give Aave more time to build their ecosystem further,” defined DeFiance’s Goh Yeou Jie in a tweet. The fund voted for the enterprise license choice.
44.48% of holders went with the MIT License choice. Address ‘0xc4a936B003BC223DF757B35Ee52f6Da66B062935′ was prime voter for this selection with a stake of 100,000 aave tokens.
The remaining, a paltry 0.29% of votes, went with the third choice, an (A)GPL License that enables customers to distribute, run, research, and share free software program.
Meanwhile, some on Crypto Twitter expressed dismay over the end result. “Really sad about the outcome and last minute vote,” mentioned Lefteris Karapetsas, founder of portfolio monitoring service Rotki. “Who is defimaximalist.eth? Seems like quite a big whale of lots of protocols. Also seems to have done OTC business with 3AC.”