Aave V3 Ready For Solana After This Crucial Vote Passed
23 Januar 2024 - 2:00AM
NEWSBTC
The Aave community has overwhelmingly approved a proposal that
will set the ball rolling for deploying Aave V3 on Solana, a smart
contracts platform. The motion, put forward by the Neon Foundation
and the Aave Chan Initiative (ACI), passed with a majority vote of
83% based on results posted on January 21. Solana Fast Rising, DeFi
Ecosystem Active Solana has been rapidly expanding, with its native
currency, SOL, emerging as one of the top performers in 2023. To
put it in perspective, SOL prices exploded from about $10 in 2023
to around $125 by the end of the year. This surge saw SOL
reverse losses of November 2022 while concurrently catalyzing
events on the blockchain, spurring various activities, including
the expansion of decentralized finance (DeFi), non-fungible token
(NFT), and meme coin activities. Related Reading: Bitcoin
Price Turns Red, Why BTC Could Tumble Below $40K On the other hand,
Aave has been expanding to multiple Ethereum Virtual Machine (EVM)
compatible networks, emerging as one of the leading decentralized
finance (DeFi) protocols. According to on-chain data from
DeFiLlama on January 22, Aave manages over $6.9 billion worth of
assets across ten chains. A big chunk, over 90%, comprises assets
on Ethereum. Aave v3 has a total value locked (TVL) of $4.9
billion. Aave V3 On Solana, What It Means The TEMP CHECK proposers
are keen on Aave v3 deploying on Solana, considering the
blockchain’s rapid growth in the past year. They observe that the
blockchain’s DeFi TVL and broad user base would likely benefit the
lending and borrowing protocol, cementing its position as a market
leader. If Aave is deployed on Solana, the protocol will
access the deep liquidity on the blockchain. At the same time,
users will access Aave services more conveniently. Subsequently,
the proposers reiterated this move will cement Aave’s position as
the leading liquidity market on-chain. Moreover, it will likely
open up new opportunities for collaboration between the Aave,
Solana, and other Neon EVM communities. Related Reading: XRP
Crash Fears Mount As Whale Dumps 26 Million Tokens – Details Neon
EVM is a cross-chain bridge for users to transfer assets between
Ethereum and other blockchains. Through this bridge, Aave v3 will
go live on Solana without any major reconfiguration of the
protocol’s codebase. Among the tokens that will be initially
supported is SOL. Users will be free to borrow USDC, a stablecoin.
The passing of the TEMP CHECK also reflects Aave’s ambition to
expand across multiple blockchains beyond EVM networks. So far,
Aave has been deployed on various platforms, including layer-2s
like Arbitrum and Base, Avalanche, and Ethereum’s sidechain,
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