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Quick Tip: Get URL Parameters with JavaScript

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URL parameters (also called query string parameters or URL variables) are used to send small amounts of data from page to page, or from client to server via a URL. They can contain all kinds of useful information, such as search queries, link referrals, product information, user preferences, and more.

In this article, we’ll show you how to parse and manipulate URL parameters using JavaScript.

This article was updated in 2020 for relevance and accuracy. For more in-depth JavaScript knowledge, read our book, JavaScript: Novice to Ninja, 2nd Edition.

Getting a URL Parameter

In modern browsers, this has become a lot easier, thanks to the URLSearchParams interface. This defines a host of utility methods to work with the query string of a URL.

Assuming that our URL is https://example.com/?product=shirt&color=blue&newuser&size=m, we can grab the query string using window.location.search:

const queryString = window.location.search;
console.log(queryString);
// ?product=shirt&color=blue&newuser&size=m

We can then parse the query string’s parameters using URLSearchParams:

const urlParams = new URLSearchParams(queryString);

Then we call any of its methods on the result.

For example, URLSearchParams.get() will return the first value associated with the given search parameter:

const product = urlParams.get('product')
console.log(product);
// shirt const color = urlParams.get('color')
console.log(color);
// blue const newUser = urlParams.get('newuser')
console.log(newUser);
// empty string

Other Useful Methods

Checking for the Presence of a Parameter

You can use URLSearchParams.has() to check whether a certain parameter exists:

console.log(urlParams.has('product'));
// true console.log(urlParams.has('paymentmethod'));
// false

Getting All of a Parameter’s Values

You can use URLSearchParams.getAll() to return all of the values associated with a particular parameter:

console.log(urlParams.getAll('size'));
// [ 'm' ] //Programmatically add a second size parameter.
urlParams.append('size', 'xl'); console.log(urlParams.getAll('size'));
// [ 'm', 'xl' ]

Iterating over Parameters

URLSearchParams also provides some familiar Object iterator methods, allowing you iterate over its keys, values and entries:

const keys = urlParams.keys(), values = urlParams.values(), entries = urlParams.entries(); for (const key of keys) console.log(key);
// product, color, newuser, size for (const value of values) console.log(value);
// shirt, blue, , m for(const entry of entries) { console.log(`${entry[0]}: ${entry[1]}`);
}
// product: shirt
// color: blue
// newuser:
// size: m

Browser Support

Browser support for URLSearchParams is good. At the time of writing, it’s supported in all major browsers.

Data on support for the urlsearchparams feature across the major browsers from caniuse.com

There’s a polyfill available if you have to support legacy browsers such as Internet Explorer. Or, you could follow along with the rest of this tutorial and learn how to roll your own.

Rolling Your Own Query String Parsing Function

Let’s stay with the URL we were using in the previous section:

http://example.com/?product=shirt&color=blue&newuser&size=m

Here’s a function to give you all the URL parameters as a neat object:

function getAllUrlParams(url) { // get query string from url (optional) or window var queryString = url ? url.split('?')[1] : window.location.search.slice(1); // we'll store the parameters here var obj = {}; // if query string exists if (queryString) { // stuff after # is not part of query string, so get rid of it queryString = queryString.split('#')[0]; // split our query string into its component parts var arr = queryString.split('&'); for (var i = 0; i < arr.length; i++) { // separate the keys and the values var a = arr[i].split('='); // set parameter name and value (use 'true' if empty) var paramName = a[0]; var paramValue = typeof (a[1]) === 'undefined' ? true : a[1]; // (optional) keep case consistent paramName = paramName.toLowerCase(); if (typeof paramValue === 'string') paramValue = paramValue.toLowerCase(); // if the paramName ends with square brackets, e.g. colors[] or colors[2] if (paramName.match(/[(d+)?]$/)) { // create key if it doesn't exist var key = paramName.replace(/[(d+)?]/, ''); if (!obj[key]) obj[key] = []; // if it's an indexed array e.g. colors[2] if (paramName.match(/[d+]$/)) { // get the index value and add the entry at the appropriate position var index = /[(d+)]/.exec(paramName)[1]; obj[key][index] = paramValue; } else { // otherwise add the value to the end of the array obj[key].push(paramValue); } } else { // we're dealing with a string if (!obj[paramName]) { // if it doesn't exist, create property obj[paramName] = paramValue; } else if (obj[paramName] && typeof obj[paramName] === 'string'){ // if property does exist and it's a string, convert it to an array obj[paramName] = [obj[paramName]]; obj[paramName].push(paramValue); } else { // otherwise add the property obj[paramName].push(paramValue); } } } } return obj;
}

You’ll see how this works soon, but first, here are some usage examples:

getAllUrlParams().product; // 'shirt'
getAllUrlParams().color; // 'blue'
getAllUrlParams().newuser; // true
getAllUrlParams().nonexistent; // undefined
getAllUrlParams('http://test.com/?a=abc').a; // 'abc'

And here’s a demo for you to play around with.

See the Pen rQGWpP by SitePoint (@SitePoint) on CodePen.

Things to Know Before Using This Function

  • Our function assumes the parameters are separated by the & character, as indicated in the W3C specifications. However, the URL parameter format in general is not clearly defined, so you occasionally might see ; or &amp; as separators.

  • Our function still works if a parameter doesn’t have an equals sign or if it has an equals sign but no value.

  • The values of duplicate parameters get put into an array.

If you just wanted a function you could drop into your code, you’re done now. If you’d like to understand how the function works, read on.

The following section assumes you know some JavaScript, including functions, objects, and arrays. If you need a refresher, check out the MDN JavaScript reference.

How the Function Works

Overall, the function takes a URL’s query string (the part after the ? and before the #) and spits out the data in a neat object.

First, this line says, if we’ve specified a URL, get everything after the question mark, but otherwise, just use the URL of the window:

var queryString = url ? url.split('?')[1] : window.location.search.slice(1);

Next, we’ll create an object to store our parameters:

var obj = {};

If the query string exists, we’ll start parsing it. First we have to make sure to shave off the part starting from the #, since it’s not part of the query string:

queryString = queryString.split('#')[0];

Now we can split the query string into its component parts:

var arr = queryString.split('&');

That will give us an array that looks like this:

['product=shirt', 'color=blue', 'newuser', 'size=m']

Next, we’ll loop through this array and split each item into a key and a value, which we’ll soon put into our object:

var a = arr[i].split('=');

Let’s assign the key and a value to individual variables. If there isn’t a parameter value, we’ll set it to true to indicate that the parameter name exists. Feel free to change this depending on your use case:

var paramName = a[0];
var paramValue = typeof (a[1]) === 'undefined' ? true : a[1];

Optionally, you can set all parameter names and values to lowercase. That way, you can avoid situations where someone sends traffic to a URL with example=TRUE instead of example=true and your script breaks. (I’ve seen this happen.) However, if your query string needs to be case sensitive, feel free to omit this part:

paramName = paramName.toLowerCase();
if (typeof paramValue === 'string') paramValue = paramValue.toLowerCase();

Next, we need to deal with the various types of input we can receive in paramName. This could be an indexed array, a non-indexed array, or a regular string.

If it’s an indexed array, we want the corresponding paramValue to be an array, with the value inserted at the correct position. If it’s a non-indexed array, we want the corresponding paramValue to be an array with the element pushed on to it. If it’s a string, we want to create a regular property on the object and assign the paramValue to it, unless the property already exists, in which case we want to convert the existing paramValue to an array and push the incoming paramValue on to that.

To illustrate this, here’s some sample input, with the output we would expect:

getAllUrlParams('http://example.com/?colors[0]=red&colors[2]=green&colors[6]=blue');
// { "colors": [ "red", null, "green", null, null, null, "blue" ] } getAllUrlParams('http://example.com/?colors[]=red&colors[]=green&colors[]=blue');
// { "colors": [ "red", "green", "blue" ] } getAllUrlParams('http://example.com/?colors=red&colors=green&colors=blue');
// { "colors": [ "red", "green", "blue" ] } getAllUrlParams('http://example.com/?product=shirt&color=blue&newuser&size=m');
// { "product": "shirt", "color": "blue", "newuser": true, "size": "m" }

And here’s the code to implement the functionality:

if (paramName.match(/[(d+)?]$/)) { var key = paramName.replace(/[(d+)?]/, ''); if (!obj[key]) obj[key] = []; if (paramName.match(/[d+]$/)) { var index = /[(d+)]/.exec(paramName)[1]; obj[key][index] = paramValue; } else { obj[key].push(paramValue); }
} else { if (!obj[paramName]) { obj[paramName] = paramValue; } else if (obj[paramName] && typeof obj[paramName] === 'string'){ obj[paramName] = [obj[paramName]]; obj[paramName].push(paramValue); } else { obj[paramName].push(paramValue); }
}

Finally, we return our object with the parameters and values.

If your URL has any encoded special characters like spaces (encoded as %20), you can also decode them to get the original value like this:

// assume a url parameter of test=a%20space var original = getAllUrlParams().test; // 'a%20space'
var decoded = decodeURIComponent(original); // 'a space'

Just be careful not to decode something that’s already decoded or else your script will error out, especially if percents are involved.

Anyways, congrats! Now you know how to get a URL parameter, and hopefully have picked up some other tricks along the way.

Conclusion

The code in this article works for the most common use cases where you would get a URL query parameter. If you’re working with any edge cases, such as uncommon separators or special formatting, then be sure to test and adjust accordingly.

If you want to do more with URLs, there are specific libraries available, such as query-string and Medialize URI.js. But since it’s basically string manipulation, it often makes sense just to use plain JavaScript. Whether you use your own code or go with a library, be sure to check everything and make sure it works for your use cases.

Source: https://www.sitepoint.com/get-url-parameters-with-javascript/?utm_source=rss

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How To Manage A Technical Debt Properly

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@alex-omeyerAlex Omeyer

Co-founder & CEO at stepsize.com, SaaS to measure & manage technical debt

We’re used to thinking that you cannot deliver fast and maintain a healthy codebase. But does it really has to be a trade-off?

One of my greatest privileges building Stepsize has been hearing from hundreds of the best engineering teams in the world about how they ship software at pace while maintaining a healthy codebase.

That’s right, these teams go faster because they manage technical debt properly. We’re so used to the quality vs. cost trade-off that this statement sounds like a lie—you can’t both be fast and maintain a healthy codebase.

Martin Fowler does a great job at debunking this idea in his piece ‘Is high quality software worth the cost?‘. Spoiler:

High quality software is actually cheaper to produce.

The lessons I’ll relay in this article are drawn from the combined centuries of experience of the these 300+ software engineers I’ve interviewed.

Why bother?

As Adam Tornhill and I recently discussed in our webinar, software has well and truly eaten the world. And look, if you’re here, this will probably sound like a cliché to you. In this case, it’s because it’s true. Look around you, can you name one object that didn’t need some form of software intervention to be manufactured, purchased, or delivered to you?

Software companies live and die by the quality of their software, and the speed at which they deliver it.

Stripe found that ‘engineers spend 33% of their time dealing with technical debt’. Gartner found that companies who manage technical debt ship 50% than those who don’t. These data points may seem a little dry, but we intuitively know they’re true. How many times have we estimated a feature will be delivered in a sprint, only for it to take two? Now take a moment to extrapolate and think about the impact this will have on your company over a year, two, or its entire lifespan.

Is it not clear that companies who manage technical debt properly simply win?

A simple framework to achieve these results

Google around for ‘types of technical debt’, and you’ll find hordes of articles by authors geeking out about code debt, design debt, architecture debt, process debt, infrastructure debt—this debt that debt.

These articles are helpful in that they can train you to recognise technical debt when you come across it, but they won’t help you decide how to deal with each piece of debt, let alone how to manage tech debt as a company.

The only thing that matters is whether you’re dealing with a small, medium, or large piece of debt.

The process for small pieces of debt

This is the type of tech debt that can be handled as soon as the engineer spots it in the code—a quick refactoring or variable rename. Engineers don’t need anyone’s approval to do this, or to create a ticket for it to be prioritised. It is simply part of their jobs to apply the boyscout rule coined by Uncle Bob:

Always leave the code better than you found it.

This is table stakes at every software company who have their tech debt under control that I’ve interviewed. It’s mostly driven by Engineering culture, gets enforced in PRs or with linters, and it is understood that it is every individual contributor’s responsibility to handle small pieces of debt when they come across them.

The process for medium-sized debt

The top performers I’ve interviewed stress the importance of addressing technical debt continuously as opposed to tackling it in big projects.

Paying off technical debt is a process, not a project.

You do not want to end up in a situation where you need to stop all feature development to rewrite your entire application every three to five years.

This is why these teams dedicate 10-30% of every sprint to maintenance work that tackles technical debt. I call the tech debt that is surfaced and addressed as part of this process medium-sized debt.

To determine what proportion of your sprint to allocate to tech debt, simply find the overlap between the parts of your codebase you’ll modify with your feature work, and the parts of your codebase where your worse tech debt lives. You can then scope out the tech debt work and allocate resources accordingly. Some teams even increase the scope of their feature work to include the relevant tech debt clean up. More in this article ‘How to stop wasting time on tech debt‘.

For this to work, individual contributors need to track medium-sized debt whenever they come across it. It is then the Team Lead’s responsibility to prioritise this list of tech debt, and to discuss it with the Product Manager prior to sprint planning so that engineering resources can be allocate effectively.

The process for large pieces of debt

Every once in a while, your team will realise that some of the medium-sized debt they came across is actually due to a much larger piece of debt. For example, they may realise that the reason the frontend code is under-performing is because they should be using a different framework for the job.

Left unattended, these large pieces of debt can cause huge problems, and—like all tech debt—get much worse as time goes by.

The best companies I’ve interviewed have monthly or quarterly technical planning sessions in which all engineering and product leaders participate. Depending on the size of the company, Staff Engineer, Principal Engineers, and/or Engineering Managers are responsible for putting together technical proposals outlining the problem, solution, and business case for each of these large pieces of debt. These then get reviewed by engineering and product leadership and the ones that get prioritised are added to the roadmap.

How to achieve this easier

In order to be able to run this process, you need to have visibility into your tech debt. A lot of companies I’ve spoken to try to achieve this by creating a tech debt backlog in their project management tool or in a spreadsheet.

It’s a great way to start, but here’s the problem: these issues will not contain the context necessary for you to prioritise them effectively. Not only do you need to rank each tech debt issue against all others, you also need to convincingly argue that fixing this tech debt is more important than using these same engineering resources towards shipping a new feature instead.

Here’s the vicious cycle that ensues: the team tracks debt, you can’t prioritise it, so you can’t fix it, the backlog grows, it’s even harder to prioritise and make sense of it, you’re still not effectively tackling your debt, so the team stops tracking it. You no longer have visibility into your debt, still can’t prioritise it, and it was all for nothing.

We built Stepsize to solve this exact problem. With our product, engineers can track debt directly from their workflow (code editor, pull request, Slack, and more) so that you can have visibility into your debt. Stepsize automatically picks up important context like the code the debt relates to, and engineers get to quantify the impact the debt is having on the business and the risks it presents (e.g. time lost, customer risk, and more) so that you can prioritise it easily.

You can join the best software companies by adopting this process, start here.

Previously published at https://www.stepsize.com/blog/how-to-maintain-a-healthy-codebase-while-shipping-fast

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What is key to stirring a Litecoin comeback on the charts?

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[PRESS RELEASE – Please Read Disclaimer]

Zug, Switzerland, 9th March, 2021, // ChainWire // Privacy-centric blockchain Concordium has finalized its MVP testnet and concluded a private sale of tokens to fund further development. The company secured $15M in additional funding for the Public and permissionless compliance-ready privacy-centric blockchain.

Late February Concordium announced joint venture cooperation between Concordium and Geely Group, a Fortune 500 company and automotive technology firm. The partnership will focus on building blockchain-based services on Concordium’s enterprise-focused chain.

Concordium recently completed Testnet 4, which saw over 2,300 self-sovereign identities issued and over 7,000 accounts created, with more than 1,000 active nodes, 800 bakers, and over 3,600 wallet downloads. The successful testnet led to the release of Concordium smart contracts functionality based on RustLang, with a select group of community members participating in stress-testing the network. Test deployments for smart contracts included gaming, crowdfunding, time-stamping, and voting.

Concordium CEO Lone Fonss Schroder said: “The interest of the community, from RustLang developers, VCs, system integrators, family offices, crypto service providers, and private persons, has been amazing. Concordium has fielded strong demand from DeFi projects looking to build on a blockchain with ID at the protocol level.”

Concordium will bring its blockchain technology for broad use, which also appeals to enterprises with protocol-level ID protected by zero-knowledge proofs and stable transaction costs to support predictable, fast, and secure transactions. Its core scientific team is made up of renowned researchers Dr. Torben Pedersen, creator of the Pedersen commitment, and Prof. Ivan Damgård, father of the Merkel-Damgård Construct.

Concordium, which is on course for a mainnet launch in Q2, aims to solve the long-standing blockchain-for-enterprise problem by addressing it in a novel way with a unique software stack based on peer-reviewed and demonstrated advanced identity and privacy technologies providing speed, security and counterpart transparency.

The Concordium team intends to announce its post-mainnet roadmap in the coming days.

About Concordium

Concordium is a next-generation, broad-focused, decentralized blockchain and the first to introduce built-in ID at the protocol level. Concordium’s core features solve the shortcomings of classic blockchains by allowing identity management at the protocol level and zero-knowledge proofs, which are used to replace anonymity with perfect privacy. The technology supports encrypted payments with software that upholds future regulatory compliance demands for transactions made on the blockchain. Concordium employs a team of dedicated cryptographers and business experts to further its vision. Protocols are science-proofed by peer reviews and developed in cooperation with Concordium Blockchain Research Center Aarhus, Aarhus University, and other global leading universities, such as ETH Zürich, a world-leading computer science university, and the Indian Institute of Science.

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Bowling in VR!

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The bowling ball: By pressing the trigger on the controller, the user can pick up, hold, and release the ball. The weight and speed of the ball mimics the movement that a regular bowling ball would have. After it is thrown, the ball will respawn in the starting position by hitting the backstop, or through a manual reset from the user pressing the “reset ball” button.

The pins: Once hit by bowling ball, the pins will fall down after the collision. Once all of the pins are hit, they will respawn to reset the game. The pins can also be manually be reset through the button as seen in the image above on the right hand side. The design of the both the ball and pins were already pre-created in the asset store which are available for free.

The asset store is your friend!

The lane: With a wood flooring, the lane has two walls on either side with a backstop, simulating bumpers that would be regularly seen bowling.

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4. The Best VR Events and Concerts Planned for 2021

Here’s a look into how the game actually works!

The Physics:

These are the components added on the bowling ball for functionality in collision and interactivity. The rigid body and mesh collider are also applied to the bowling pins, with the only change in mass (the pins are 1, while the ball is 3), and the OVR Grabbable script.

Rigid body: This makes sure the laws of physics and gravity are applied upon the game objects, and lets you apply forces and control it in a realistic way.

Mesh Collider: The checkmark on “Convex” indicates that this mesh collider object will collide with other mesh collider objects so that they don’t fall through the floor!

OVR Grabbable: From the free oculus integration in the asset store, the ovr grabbable script was already pre-made, allowing user interactiveness.

Pin and Ball Reset:

To reset both the pins and the ball, the user can click on these floating buttons in order to do so. I followed this tutorial (step 4 & 5) to add the buttons, but the most important step is integrating the Tilia package along with all the prefabs (fully configured game objects that have already been created for your use).

Installing the Tilia package into Unity: navigate to the manifest.json file in finder (go to the actual folder in your computer). After opening it up, there will be a section that says “dependencies”. At the bottom of this section, add in “io.extendreality.tilia.input.unityinputmanager”: “1.3.16”. The code below is a shortened version of what the dependencies would look like, and all the tilia extensions I added to complete this project.

 "dependencies": {
"com.unity.xr.legacyinputhelpers": "2.1.7",
"com.unity.xr.management": "3.2.17",
"com.unity.xr.oculus": "1.6.1",
"com.unity.xr.openvr.standalone": "2.0.5",
"com.unity.modules.xr": "1.0.0",

//Above are a few of the dependencies already installed, while the tilia extensions below were manually added

"io.extendreality.tilia.input.unityinputmanager": "1.3.16",
"io.extendreality.tilia.indicators.objectpointers.unity": "1.6.7",
"io.extendreality.tilia.camerarigs.trackedalias.unity": "1.5.7",
"io.extendreality.tilia.camerarigs.unityxr": "1.4.9",
"io.extendreality.tilia.camerarigs.spatialsimulator.unity": "1.2.31",
"io.extendreality.tilia.interactions.interactables.unity": "1.15.7",
"io.extendreality.tilia.interactions.spatialbuttons.unity": "1.2.3"
}

For the code behind the reset, here is a look into the C# script for the pins:

The Awake() call is used to load certain set up necessary prior to the game scene.

The SavePositions() method is called, where all the starting positions of the pins are logged in an array.

The ResetPositions() method contains a for loop, and goes through each of the pins to set the position and rotation to the original value saved previously. The velocity is also flattened on the pins, in the case that it spun out after being knocked over.

Oculus Integration:

The Hierarchy!

Once again, the asset store comes in really handy! The free oculus integration is compiled of pre-made scripts and functions, such as the OVR Player Controller that includes the camera rig for the oculus and the controller visibility. To properly set it up with controller integration, I followed this tutorial that is also mentioned underneath the resources below. I had to turn on developer mode on the oculus app and connect my computer to the headset with the USB-C charging cable.

Some awesome resources that helped me out:

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Blockchain

India’s Crypto Ban Uncertain as Finance Minister Touts a Window for Experiments

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Aave is a decentralized, open-source, non-custodial liquidity protocol that enables users to earn interest on cryptocurrency deposits, as well as borrow assets through smart contracts.

Aave is interesting (pardon the pun) because interest compounds immediately, rather than monthly or yearly. Returns are reflected by an increase in the number of AAVE tokens held by the lending party. 

Apart from helping to generate earnings, the protocol also offers flash loans. These are trustless, uncollateralized loans where borrowing and repayment occur in the same transaction. 

Assets on Aave as of 3/7/21 (source: aave homepage)

Assets on Aave as of 3/7/21 (source: aave homepage)

The following article explores Aave’s history, services, tokenomics, security, how the protocol works, and what users should be wary of when using the Aave platform.

How Does Aave Work?

The Aave protocol mints ERC-20 compliant tokens in a 1:1 ratio to the assets supplied by lenders. These tokens are known as aTokens and are interest-bearing in nature. These tokens are minted upon deposit and burned when redeemed. 

These aTokens, such as aDai, are pegged at a ratio of 1:1 to the value of the underlying asset – that is Dai in the case of aDai. 

The lending-borrowing mechanism of the Aave lending pool dictates that lenders will send their tokens to an Ethereum blockchain smart contract in exchange for these aTokens — assets that can be redeemed for the deposited token plus interest.  

atokens on Aave

atokens on Aave

Borrowers withdraw funds from the Aave liquidity pool by depositing the required collateral and, also, receive interest-bearing aTokens to represent the equivalent amount of the underlying asset.

Each liquidity pool, the liquidity market in the protocol where lenders deposit and borrowers withdraw from, has a predetermined loan-to-value ratio that determines how much the borrower can withdraw relative to their collateral. If the borrower’s position goes below the threshold LTV level, they face the risk of liquidation of their assets.

Humble Beginnings as ETHLend 

Aave was founded in May 2017 by Stani Kulechov as a decentralized peer-to-peer lending platform under the name ETHLend to create a transparent and open infrastructure for decentralized finance. ETHLend raised 16.5 million US dollars in its Initial Coin Offering (ICO) on November 25, 2017.

Kulechov, currently serving also as the CEO of Aave, has successfully led the company into the list of top 50 blockchain projects published by PWC. Aave is headquartered in London and backed by credible investors, such as Three Arrows Capital, Framework Ventures, ParaFi Capital, and DTC Capital.

ETHLend widened its bouquet of offerings and rebranded to Aave by September 2018. The Aave protocol was formally launched in January 2020, switching to the liquidity pool model from a Microstaking model.

To add context to this evolution from a Microstaking model to a Liquidity Pool model, Microstaking was where everyone using the ETHLend platform. Whether one is applying for a loan, funding a loan, or creating a loan offer, they had to purchase a ticket to obtain the rights to use the application, and that ticket had to be paid in the platform’s native token LEND. The ticket was previously a small amount pegged to USD, and the total number of LEND needed varied based on the token’s value. 

In the liquidity pool model, Lenders deposit funds to liquidity pools. Thus creating what’s known as a liquidity market, and borrowers can withdraw funds from the liquidity pools by providing collateral. In case the borrowers become undercollateralized, they face liquidation.

Aave raised another 4.5 million US dollars from an ICO and  3 million US dollars from Framework Ventures on July 8th and July 15th, 2020. 

Aave Pronunciation

Aave is typically pronounced “ah-veh.” 

Aave’s Products and Services

The Aave protocol is designed to help people lend and borrow cryptocurrency assets. Operating under a liquidity pool model, Aave allows lenders to deposit their digital assets into liquidity pools to a smart contract on the Ethereum blockchain. In exchange, they receive aTokens — assets that can be redeemed for the deposited token plus interest.

Aave's functionality

Borrowers can take out a loan by putting their cryptocurrency as collateral. The liquidity protocol of Aave, as per the latest available numbers, is more than 4.73 billion US dollars strong. 

Flash Loans

Aave’s Flash loans are a type of uncollateralized loan option, which is a unique feature even for the DeFi space. The Flash Loan product is primarily utilized by speculators seeking to take advantage of quick arbitrage opportunities. 

Borrowers can instantly borrow cryptocurrency for a matter of seconds; they must return the borrowed amount to the pool within one transaction block. If they fail to return the borrowed amount within the same transaction block, the entire transaction reverses and undo all actions executed until that point. 

Flash loans encourage a wide range of investment strategies that typically aren’t possible in such a short window of time. If used properly, a user could profit through arbitrage, collateral swapping, or self-liquidation.

Rate Switching

Aave allows borrowers to switch between fixed and floating rates, which is a fairly unique feature in DeFi. Interest rates in any DeFi lending and borrowing protocol are usually volatile, and this feature offers an alternative by providing an avenue of fixed stability. 

For example, if you’re borrowing money on Aave and expect interest rates to rise, you can switch your loan to a fixed rate to lock in your borrowing costs for the future. In contrast, if you expect rates to decrease, you can go back to floating to reduce your borrowing costs.

Aave Bug Bounty Campaign

Aave offers a bug bounty for cryptocurrency-savvy users. By submitting a bug to the Aave protocol, you can earn a reward of up to $250,000.

Aave Tokenomics

The maximum supply of the AAVE token is 16 million, and the current circulating supply is a little above 12.4 million AAVE tokens.

Initially, AAVE had 1.3 billion tokens in circulation. But in a July 2020 token swap, the protocol swapped the existing tokens for newly minted AAVE coins at a 1:100 ratio, resulting in the current 16 million supply. Three million of these tokens were kept in reserve allocated to the development fund for the core team. 

Aave’s price has been fairly volatile, with an all-time high of $559.12 on February 10, 2021. The lowest price was $25.97 on November 5th, 2020. 

Aave Security

Aave stores funds on a non-custodial smart contract on the Ethereum blockchain. As a non-custodial project, users maintain full control of their wallets. 

Aave governance token holders can stake their tokens in the safety module, which acts as a sort of decentralized insurance fund designed to ensure the protocol against any shortfall events such as contract exploits. In the module, the stakers can risk up to 30% of the funds they lock in the module and earn a fixed yield of 4.66%. 

The safety module has garnered $375 million in deposits, which is arguably the largest decentralized insurance fund of its kind. 

Final Thoughts: Why is Aave Important?

Aave is a DeFi protocol built on strong fundamentals and has forced other competitors in the DeFi space to bolster their value propositions to stay competitive. Features such as Flash loans and Rate switching offer a distinct utility to many of its users.

Aave emerged as one of the fastest-growing projects in the Summer 2020 DeFi craze. At the beginning of July 2020, the total value locked in the protocol was just above $115 million US dollars. In less than a year, on February 13, 2021, the protocol crossed the mark of 6 billion US dollars. The project currently allows borrowing and lending in 20 cryptocurrencies.

Aave is important because it shows how ripe the DeFi space is for disruption with new innovative features and how much room there is to grow.

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Source: https://coincentral.com/what-is-aave/

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Source: https://coingenius.news/indias-crypto-ban-uncertain-as-finance-minister-touts-a-window-for-experiments/?utm_source=rss&utm_medium=rss&utm_campaign=indias-crypto-ban-uncertain-as-finance-minister-touts-a-window-for-experiments

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