Aave spends $1.6 million on V3 audits over the course of two years

Marc Zeller, Integrations Lead at Aave, a decentralized, non-custodial money market protocol, revealed that his company spent less than $1.6 million on V3 audits from 2020 to 2022, possibly the largest audit ever conducted for a single application.

Zeller stated in a recent interview published by Alpha please, a crypto intelligence platform:

“From 20-22, we spent $1.6 million on audits for AAVE V3. I think that’s the largest audit spend for any individual application. We do anything that is humanly possible to keep our users safe. And so far it is proven to yield good results.”

A question about Aave’s survival strategy was answered by the popular crypto analyst and Aave co-founder. In an industry where many projects fail and DeFi platforms crumble by the hour, Zeller says it’s a “scary responsibility” to be the last one standing. The crypto don claims that Aave is the last DeFi protocol that has never been exploited or hacked.

According to Marc Zeller, Aave has only delivered 5% of its plans.

Marc revealed the upcoming stablecoin (GHO), the content creator protocol, the monetization protocol, Lens, and the yet-to-be-unveiled institutional project among Aave’s many plans. “All of this is basically working together into some sort of roadmap,” says Marc Zeller, “and there’s still a lot of stuff to do.”

When asked about the remaining 95%, Marc recalled Aave’s debit card announcement, which was tweeted about a year ago. “We tweeted about the debit card more than a year ago, and because the attention of DeFi and crypto Twitter is very low, people forgot about that,” he explained.

Aave’s plans include “the electronic money institution,” for which it has already obtained a license and assembled a fully dedicated team.

Aave promises to release “Stuff,” as well as V3 on Mainnet and GHO.

When asked about Aave’s future intentions, Marc Zeller stated that the company intends to introduce new crypto projects in stages. According to him, Aave focuses on “things” that can be delivered in the short term, such as V3 on mainnet and GHO, which will most likely happen in the coming weeks.

Zeller also stated that the Aave team has been working on a new stablecoin dubbed GHO for nearly a year. With the largest liquidity protocol, Zeller believes it is a “logical road forward to create a decentralized stablecoin because there is very little difference in economic terms between using ETH to borrow USDC and using ETH to mint GHO.”

Adding:

“And because the protocol already formed a critical mass of liquidity, it makes sense to enable these services because we already have all the liquidity in place, the actor in place, and the brand in place to allow GHO to be a potential success”.