Aave will reduce the borrowing fee to 0.00001% before the new token AAVE replaces LEND

The decentralized lending agreement Aave reduces the origination fee for each loan from 0.01% to 0.00001%. When LEND tokens are converted to AAVE tokens, the new fee structure will be determined through governance. The chain notes that previously, Aave will charge a 0.01% borrowing fee for each loan, 80% of these fees will be used to purchase LEND to destroy the supply, and 20% will be allocated to the lending DApp that leads liquidity to the agreement . Chain News previously reported that at the end of July, Aave released a governance token economic model, and will launch a new token AAVE to replace the native token LEND. Aave’s native token LEND will migrate (merger) to the new token AAVE at a ratio of 100:1. In addition, the total supply of Aave is 16 million, of which 13 million will be allocated to LEND holders in the above proportion, and the additional 3 million will be allocated to the Aave ecosystem reserve.