- DeFi’s leading decentralized lending protocol Aave listed Avalanche as its third public chain.
- The smart contract platform Avalanche first gained popularity with its $180 million incentive program “Avalanche Rush.”
- Users with assets on Ethereum can now bridge their holdings to Aave through the Avalanche bridge with the latest deployment.
Aave is a system of decentralized lending pools that collects user funds and supports lending/ borrowing through smart contracts. Aave now supports Ethereum-killer Avalanche on its platform.
Avalanche bridge to boost assets in the Aave ecosystem
Avalanche is a smart contract platform, an Ethereum-killer that is compatible with the Ethereum Virtual Machine (EVM). Avalanche’s bridge is a popular vehicle used to transfer assets to and from the Ethereum network.
Aave Protocol has integrated Avalanche as its third public blockchain after Ethereum and Polygon. This makes it easier for traders to move their assets on Ethereum to Aave for lending or staking.
The non-custodial liquidity protocol announced the arrival of Avalanche earlier today,
It’s here. The Aave Protocol has now been deployed on @avalancheavax pic.twitter.com/RUp980IE7f— Aave (@AaveAave) October 4, 2021
Aave’s Avalanche market currently has a total market size of $1.8 billion for its lending pools. The arrival of Avalanche is expected to drive demand for AAVE higher and increase the volume of transactions on the Avalanche bridge.
Avalanche first garnered mainstream attention with the launch of the $180 million incentive program “Avalanche Rush.”
Less than a week ago, Avalanche’s top decentralized exchange, Trader Joe, announced a $20 million in liquidity mining rewards. After integration with AAVE, the on-chain activity of the Avalanche token (AVAX) is expected to explode.
Trader Joe incentives are focused on “growth in native markets,” which is likely to increase the demand for AVAX across exchanges further.
.@AaveAave is live on #Avalanche–launching alongside $20M in $AVAX incentives.— Avalanche (@avalancheavax) October 4, 2021
...#AvalancheRush in full force this autumn: https://t.co/8CNKNIEGtB pic.twitter.com/6mhppIsrDw
Cryptocurrency analyst @Murfski_ predicts a short-term correction in Avalanche’s native token AVAX. The analyst does not expect the AVAX price to recover anytime soon.
$AVAX— Murfski (@Murfski_) October 5, 2021
Still holding my spot from $35 but think we might have to consider a correction short term
We've had a phenominal run but appear to be forming a wedge like pattern, PA doesn't look too healthy either
Just my two cents - chance to compound existing positions imo pic.twitter.com/4b6IjV7aKj
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Cardano network’s Charles Hoskinson warns traders against AI token scams ahead of Apple developer conference
Charles Hoskinson, the founder of Cardano, has warned the crypto trading community against scams. With market participants watching the upcoming Apple 2023 WWDC lined up for Monday, there is a rally in artificial intelligence-based (AI) tokens.
Terra LUNA Classic price on the rise as Montenegro court approves Do Kwon’s second bail request
Terra LUNA Classic price yielded double-digit gains overnight for holders. LUNC price rallied in response to the recent development in Do Kwon’s bail request. The next hearing in Kwon’s case is June 16.
Pro-XRP attorney says Ripple has 25% chance of winning against SEC, Judge could announce verdict by September
Ripple has a 25% chance of winning its legal battle against the US Securities & Exchange Commission (SEC), according to pro-XRP attorney John Deaton. Over the weekend, Deaton shared his opinion on Ripple’s likelihood of both an outright win and a partial victory.
Why Solana price is primed for 30% rally
Solana price shows quite a few developments on the daily chart, all of which point to a bullish future for SOL holders. Investors can expect a quick run-up, which could develop into a medium-term uptrend if these optimistic conditions remain bullish.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.