1. Discussion (phase-1)

• Brainstorming platform at the Aave Governance Forum.
• Open-ended duration.

2. ARC Creation (phase-2)

• Molding ideas into Aave Request for Comments (ARC).
• Open-ended duration.

3. Community Sentiment (phase-3)

• Utilizing Aave Snapshot for assessing community opinion.
• Preliminary insights for proposal adjustment.

4. AIP Submission (phase-4)

• Creation and submission of the formal Aave Improvement Proposal (AIP).
• Upon consensus via snapshot, move to governance vote.

5. Implementation (phase-5)

• If the vote is supported, automatic on-chain implementation of the AIP.
• The process takes a maximum of 7 days.
• Timelocks: Short and long timelocks manage the urgency and importance of changes.