Latest Crypto News: Lending Protocol Aave Votes For “Temperate Check”, Ether Climbs To 11-Month High

A proposal to deploy the third version of lending protocol Aave has recently passed a “temperate check” with an overwhelming majority, it said.

The Aave community approved a “temperature check” plan to launch the decentralised exchange (DEX) Aave on the zkSync Era Mainnet.

More than 99 per cent of Aave community members voted in favour of the third iteration of the lending and borrowing protocol on zkEVM (zero-knowledge Ethereum Virtual Machine), when the voting ended on April 16. According to the initial plan on March 26, the launch would support USD Coin and Ether.

Post-Shapella withdrawals, Ether Climbs To 11-Month High

Since the Shapella hard fork completed on April 12, Ether’s price surged nearly 10 per cent. Around one million Ether coins worth $2.1 billion were removed from Ethereum’s Beacon chain within the first four days of Shapella hard fork.

Ether has now surpassed $2,100 mark for the first time in 11 months.

There were 47,37,000 withdrawal requests, with highest number of withdrawals at 392,800 ETH recorded on Saturday, April 15, according to beaconcha.in.

Nearly 87 per cent, or 469,000 of the 540,000 active validators, can now withdraw their staked Ether. While members of the Ethereum community were split on what impact Shapella would have on the price of Ether, the first four days saw close to a 10 per cent rise in its price.

US Congress To Discuss Stablecoin Legislation

The US Congress is expected to discuss on a draft bill on Wednesday, April 19, on stablecoins. The bill seeks “to provide requirements for payment stablecoin issuers, research on a digital dollar, and for other purposes.”

Stablecoin is a type of cryptocurrency whose value is typically tied to a fiat currency or exchange-traded goods like gold. Some examples of stablecoins include USDT, USDC, BUSD, etc. As they provide investors with a consistent monetary value, these tokens are an essential component of the cryptocurrency market. Meanwhile, the Security and Exchange Commission chairman is scheduled to appear before the US Congress for a hearing on the SEC’s recent operations.