DeFi project Aave adds support for Avalanche

DeFi project Aave adds support for Avalanche

Aave's lending platform has integrated with the Avalanche blockchain. Previously, the project was only available on Ethereum and Polygon networks.

It’s here. The Aave Protocol has now been deployed on @avalancheavax

On 19 September, the community responded positively to a request from the Avalanche Foundation following a vote. As a result, the deployment of C-Chain-based smart contracts and the activation of a liquidity mining programme took place.

The process is coordinated by the custodians, who will subsequently transfer the keys to the Aave community.

Owners of ERC-20 standard assets can transfer them to the Aave protocol on Avalanche using a cross-chain bridge.

Those users with assets on Ethereum can now bridge them via @avalancheavax to deposit on the Aave Protocol.

Aave ranks first among DeFi projects in TVL with $14.87bn, according to DeFiLlama.

DeFiLlama estimates Avalanche's 2% share of the DeFi sector in terms of blocked funds at $4.05bn out of $196.86bn. Active TVL growth started in the last decade of August (19 August the figure was $337.4m).

Recall that on August 19, the Avalanche network launched a $180 million fund to develop DeFi projects. Aave, along with decentralised exchange Curve and strategy aggregator Stake DAO, were the first participants in the liquidity mining programme.

In February, the ChainSafe development team created a bridge between the Avalanche and Ethereum blockchains to move the DeFi-project assets of the two ecosystems.

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