{"id":9699,"date":"2024-01-11T11:16:36","date_gmt":"2024-01-11T09:16:36","guid":{"rendered":"https:\/\/forklog.com\/en\/aave-community-backs-integration-of-paypals-pyusd-stablecoin\/"},"modified":"2024-01-11T11:16:36","modified_gmt":"2024-01-11T09:16:36","slug":"aave-community-backs-integration-of-paypals-pyusd-stablecoin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/aave-community-backs-integration-of-paypals-pyusd-stablecoin\/","title":{"rendered":"Aave Community Backs Integration of PayPal&#8217;s PYUSD Stablecoin"},"content":{"rendered":"<p>99.99% of voters supported the integration of PayPal&#8217;s PYUSD into the DeFi platform Aave&#8217;s pools, achieving the necessary quorum. The <a href=\"https:\/\/snapshot.org\/#\/aave.eth\/proposal\/0x708310f654e502ed75ef4f9d8e3942af3702bc218b4946b9c5f8345070c04940\">initiative<\/a> was overwhelmingly backed.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-872.webp\" alt=\"1-872\" class=\"wp-image-223644\"\/><figcaption class=\"wp-element-caption\">Source: Aave.<\/figcaption><\/figure>\n<p>The vote commenced on December 18 and will conclude on January 11 at 8:21 UTC.<\/p>\n<p>The <a href=\"https:\/\/governance.aave.com\/t\/temp-check-add-pyusd-to-aave-v3-ethereum-market\/15880\/5?u=jackkubinec\">initiative<\/a> followed a December decision by the decentralized exchange Curve to <a href=\"https:\/\/curve.fi\/#\/ethereum\/pools?sortBy=tvl\">list PYUSD<\/a>.<\/p>\n<p>The proposal&#8217;s author, Trident 15, explained that the integration would foster synergy with PayPal&#8217;s asset and strengthen the connection between PYUSD and Aave&#8217;s multi-collateral decentralized stablecoin, GHO.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe idea is to maintain yield at a sufficiently high level. This will create organic demand for PYUSD loans on AAVE,\u201d<\/em> the statement reads.<\/p>\n<\/blockquote>\n<p>If approved, Trident 15 will contribute between $5 million and $10 million in liquidity to the pool.<\/p>\n<p>According to <a href=\"https:\/\/www.coingecko.com\/en\/categories\/stablecoins\">CoinGecko<\/a>, the stablecoin&#8217;s market capitalization stands at $289.7 million, having increased by 71.9% over the past month. The asset ranks 12th among stablecoins, nearing USDP by Paxos ($367.1 million).<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-688.webp\" alt=\"2-688\" class=\"wp-image-223645\"\/><figcaption class=\"wp-element-caption\">Source: CoinGecko.<\/figcaption><\/figure>\n<p>According to <a href=\"https:\/\/defillama.com\/chain\/Ethereum\" title=\"\">DeFi Llama<\/a>, Aave ranks as the third-largest DeFi project by <span data-descr=\"total value locked\" class=\"old_tooltip\">TVL<\/span> ($6.26 billion).<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/3-405.webp\" alt=\"3-405\" class=\"wp-image-223646\"\/><figcaption class=\"wp-element-caption\">Source: DeFi Llama.<\/figcaption><\/figure>\n<p>Back in November, the team behind the DeFi platform Aave, known as Aave Companies, rebranded to Avara.<\/p>\n<p>Earlier, Aave suspended some operations after a vulnerability was discovered. The project assured that user funds were safe.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>99.99% of voters supported the integration of PayPal&#8217;s PYUSD into the DeFi platform Aave&#8217;s pools, achieving the necessary quorum. The initiative was overwhelmingly backed. Source: Aave. The vote commenced on December 18 and will conclude on January 11 at 8:21 UTC. The initiative followed a December decision by the decentralized exchange Curve to list PYUSD. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9698,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1212,1093,182,807],"class_list":["post-9699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-aave","tag-defi","tag-paypal","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9699","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=9699"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9699\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/9698"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=9699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=9699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=9699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}