DeFi
DeFi Protocol Aave to Launch Bespoke Blockchain After V4 Upgrade
DeFi Protocol Aave plans to launch an “Aave Network” channel after completing its V4 upgrade.
Stani Kulechov, the founder of the lending protocol, revealed this in a social media post on May 27: saying:
“This is not an exercise, Aave Network should come after V4.”
Although Kulechov did not provide additional information on the plan, he suggests that the channel could launch by “next year, of course, or sooner.”
According to DeFillama dataAave is the largest lending protocol in the DeFi sector, with a total asset value locked at $13.2 billion.
Aave Network
Earlier this month, Aave Labs propose the Aave network as part of its 2030 strategic roadmap.
The company said the network would serve as the primary hub for Aave and GHO while maintaining a multi-chain and network-agnostic approach.
He added:
“While Ethereum remains the home of the Aave DAO and governance of Aave, the network can bring unprecedented growth to Aave and GHO by opening up unexplored markets.”
The proposal planned to use the GHO stablecoin for gas fees, while the AAVE token would be the primary staking asset for decentralized validators and sequencers.
Meanwhile, Aave Labs emphasized that it will continue to monitor developments in Layer 1 and Layer 1. Layer 2 blockchains before finalizing its planned network architecture. However, he confirmed that the Aave network would inherit its security from Ethereum.
The community welcomes the news
Members of the crypto community strongly welcomed the news of the Aave network’s projects.
Jason Ma, head of DeFi at the Axelar Foundation, said:
“All successful apps will launch their own channels over time.”
Meanwhile, Marc Zeller, the founder of the Aave Chan Initiative, claims that Aave would be the greatest Ethereum Layer with a market size of $20.5 billion. This would put it ahead of other Ethereum-based layer 2 networks like OptimismArbitrum and the growing grassroots network backed by Coinbase.
He added that Aave would rank as the third largest chain after Ethereum and Tron with this market capitalization.
Avara, the parent company of Aave, recently announced Lens array to extend the Lens protocol, based on zkSync technology, and Kulechov strongly advocated for the workflow for launching application chains.