Aave, the leading DeFi lending protocol, has announced plans to launch an “Aave Network” chain following the completion of its V4 upgrade. Stani Kulechov, the founder of Aave, hinted at this development in a social media post on May 27, stating that the launch could happen as early as next year. With $13.2 billion worth of assets locked in its protocol, Aave is currently the largest lending protocol in the DeFi sector.
The Aave Network was proposed earlier this month as part of Aave Labs’ strategic 2030 roadmap. The network is expected to serve as the primary hub for Aave and GHO while maintaining a multichain and network-agnostic approach. Ethereum will continue to host the Aave DAO and governance, but the network aims to open up new markets for growth. Plans include using the GHO stablecoin for gas fees and the AAVE token as the main staking asset for decentralized validators and sequencers. Security for the Aave Network will be inherited from Ethereum.
The crypto community has welcomed news of the Aave Network plans, with members expressing excitement over the potential for growth and expansion. Jason Ma, head of DeFi at Axelar Foundation, believes that successful apps will eventually launch their own chains. Meanwhile, Marc Zeller, founder of the Aave Chan Initiative, predicts that Aave could become the largest Ethereum Layer with a market size of $20.5 billion, surpassing other layer-2 networks like Optimism and Arbitrum.
Avara, the parent company of Aave, recently announced Lens Network to expand Lens Protocol, which is built on zkSync technology. Kulechov, the founder of Aave, has been a strong advocate for launching appchains and exploring new possibilities for blockchain technology. The community is eager to see how the Aave Network will evolve and contribute to the DeFi ecosystem.
In conclusion, the upcoming launch of the Aave Network marks a significant milestone for the DeFi sector and demonstrates Aave’s commitment to innovation and growth. With plans to leverage the GHO stablecoin and AAVE token, the network is poised to offer new opportunities for users and expand its market presence. As the crypto community eagerly anticipates the launch, Aave continues to lead the way in decentralized finance and blockchain technology.
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