DeFi protocol AAVE now supports AVAX, alongside ETH and MATIC


  • 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, 

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. 

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. 

 

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bank of America bullish comments on metaverse push Axie Infinity and Sandbox closer to breakout

Bank of America's strategist made bullish remarks about the metaverse, triggering a spike in interest in Axie Infinity and Sandbox tokens. The rices of the two metaverse tokens continue climbing with increased interest from investors. 

More Axie Infinity News

Polkadot price ready to breakout after DOT forms double bottom

Polkadot price began turning around and moving higher on November 28. It is currently resting on support after a brief pull-back, with the potential for using this floor as a launchpad higher. A resumption of the bullish impulse will provide fresh confirmation for the new uptrend.

More Polkadot News

Bitcoin Weekly Forecast: The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

More Bitcoin News

Berkshire Hathaway’s Charlie Munger wants US to ban cryptos like China

Charlie Munger considers cryptocurrencies bad for people and backs China on its cryptocurrency ban.In his previous interviews, Munger has shed light on the concept of “speculative excess” and “asymmetry of wealth.” 

More Cryptocurrencies News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP