Aave adds Avalanche support

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

It’s here. The Aave Protocol has now been deployed on @avalancheavax 👻 pic.twitter.com/RUp980IE7f

— Aave (@AaveAave) October 4, 2021

On September 19, the community voted in favour of the Avalanche Foundation’s corresponding request following the vote. As a result, the deployment of smart contracts on the C-Chain and activation of the liquidity mining program took place.

The process is coordinated by guardians, who will subsequently hand the keys to the Aave community.

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

Those users with assets on Ethereum can now bridge them via @avalancheavax to deposit on the Aave Protocol. https://t.co/3xA1CPrsc2

— Aave (@AaveAave) October 4, 2021

Aave occupies the top position among DeFi-projects by TVL with a figure of $14.87 billion, according to DeFiLlama.

DeFiLlama estimates Avalanche’s share in the DeFi sector by total value locked at 2% — $4.05 billion of $196.86 billion. TVL growth started in the last ten days of August (the figure on August 19 stood at $337.4 million).

In August, Avalanche launched a $180 million fund to develop DeFi projects. Aave, along with the decentralized exchange Curve and the strategy aggregator Stake DAO, were among the first participants in the liquidity mining program.

In February, the ChainSafe development team created “bridge” between the Avalanche and Ethereum blockchains to move assets of DeFi projects between the two ecosystems.

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