DeFi Project Aave Adds Support for Avalanche
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Oct. 5, 2021

The Aave protocol, which until now was available on the Ethereum and Polygon blockchains, has been integrated with the Avalanche blockchain, the project announced via its official Twitter account.

Last September 19, the crypto community responded affirmatively to a related request from the Avalanche Foundation following a vote. As a result, the deployment of C-Chain-based smart contracts and the activation of the liquidity mining program took place.

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

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The owners of ERC-20 assets can migrate them to the Aave protocol on Avalanche using the interchain bridge.

Aave is the DeFi project with the highest TVL (total value locked in) at $14.87 billion, according to DeFiLlama.

DeFiLlama estimates Avalanche's share of the DeFi sector is 2% in terms of locked funds: $4.05 billion out of $196.86 billion.

Last August 19, the Avalanche network launched a $180 million fund for the development of DeFi projects. Aave, along with decentralized exchange Curve and strategy aggregator Stake DAO, became the first participants in the liquidity mining program.

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