Chainfeeds Introduction:
DeFi Saver analyst definikola detailed a series of important new features and improvements that Aave v4 will bring, including a unified liquidity layer, liquidity premium, etc., while also adopting some new mechanisms from the ecosystem.
Article Source:
https://x.com/definikola/status/1792680666322391469
Article author:
definikola
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definikola: Unified Liquidity Layer: I think this is the biggest (architectural) change in v4, given the modularity. The single liquidity layer is a more general version of the "portal" functionality introduced in v3, as it can be used by different modules (v4 lending module, RWA, cross-chain lending, etc.). The unified liquidity layer makes it easier to migrate liquidity from previous protocol versions, i.e. no more liquidity fragmentation, just add new modules. The unified liquidity layer also provides better support for natively minted assets (such as GHO). Fuzzy Controlled Interest Rates: Interest rates will not be managed by governance or PID controllers, but by on-chain fuzzy logic. Both the slope and the inflection point (target utilization) are automatically adjusted. Liquidity Premium: In short: there are different borrowing rates depending on the risk of the collateral asset. Each asset is assigned a risk factor from 0 to 1, with the result that borrowers need to pay an additional "premium" as a supplement to the "base rate" for low-risk assets (the borrowing rate for assets that are considered the least risky). Since the DAO has the ability to charge higher fees for riskier collateral assets, the liquidity premium should increase listings. Technically, the protocol will incentivize "stronger" collateral, which is consistent with the protocol's goal of being backed by liquid, low-risk assets. Aave v4 borrowing module, which will be added on top of the unified liquidity layer and has some new user experience, risk management, and security features: Smart Accounts: Users can create multiple smart accounts to have multiple isolated borrowing positions in the Aave protocol. This means that users can better manage their borrowing strategies, allocate assets into different accounts, thereby reducing risk and achieving better portfolio management. Aave Vault: This is a new feature that allows users to deposit assets into smart accounts as non-borrowable collateral. This means that users can choose to deposit assets into a vault to reduce risk without having to worry about it being lent out or used for other purposes. Although doing so may reduce the user's returns, it provides a safer borrowing option. [Original text in English]
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