Smart wallet protocol InstaDapp is making decentralized finance operations easier with its latest functionality to migrate Aave version 1 positions to version 2 with a simple click.
The Aave DeFi lending protocol migrated to version 2 of the platform on Dec. 3. The long-awaited upgrade ushered in a raft of improvements such as yield and collateral swaps, new flash loan features, collateral repayment options, debt tokenization, and native credit delegation.
The problem, for Aave users, comes when they need to migrate their loans and strategies from the old version to the new as this process has not been automated — until now.
InstaDapp Serves Up a Solution
DeFi smart wallet InstaDapp has provided a solution to this migration issue by enabling even complex positions to be transferred from the old version to the new protocol.
The tool can migrate positions within InstaDapp itself, or from the Aave dashboard to a new Aave v2 dashboard on the platform.
Aave is in the process of producing its own tool for the migration so that users can convert their positions within the protocol itself rather than using a third-party application such as InstaDapp. The launch announcement stated;
“Recently AIP-3 was passed to make the migration from V1 to V2 more seamless. By using a Flash Loan powered migration tool, users will be able to make the transition without having to close their V1 loan positions.”
Since the v2 launch, liquidity on Aave has climbed to $1.86 billion with the breakdown of crypto assets being posted in its latest newsletter;
It added that the estimated weekly income from the protocol was $453,000, with the majority coming from stablecoin loans.
AAVE Price Update
The DeFi protocol’s native AAVE token recently hit an all-time high of just above $90 on Dec 6. Since then, the broader cryptocurrency market has started to pull back and DeFi tokens have fallen as well.
Today, AAVE is trading at $78, down almost 14% since yesterday’s open. Over the past 30 days, however, the token has made a 50% gain and is still one of the best-performing this year.
According to DeFi Pulse, Aave is currently at the fifth spot in the TVL list with $1.3 billion, though the platform itself reports a higher liquidity figure. Nearly all DeFi protocols have lost collateral over the past day as markets retreat. The TVL across the DeFi industry has fallen by 5.5% to $14.12 billion.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.