London, UK, August 21, 2024, Chainwire
Expansion enables greater access to liquidity and fresh institutional operate cases
Aave, the leading DeFi protocol managed by Aave DAO, today announced the launch of Aave V3 on Era Mainnet powered by ZKsync. With effective and secure transactions provided by ZKsync technology, the launch of Aave V3 on Era is ready to provide liquidity and profit opportunities Flexible (NYSE:) Chain Ecosystem. Aave users will have access to advanced zero-knowledge (ZK) technology that provides low-cost transactions while providing security through the operate of cryptographic proofs of validity. As part of the integration, Chainlink will provide secure and reliable price feeds.
“This integration marks a watershed moment for the Aave and ZKsync communities, providing opportunities for increased access, collaboration, and innovation,” he said. Aave Labs Founder and CEO Stani Kulechov. “By combining ZK proofs and the unified Elastic Chain ecosystem, Aave can unlock unprecedented scalability, privacy, and security, expanding the DeFi user base and new institutional use cases.”
Alex Gluchowski, co-founder of ZKsync, commented: “Aave has established itself as one of the leading DeFi protocols and has played a key role in the growth and adoption of cryptocurrencies since its launch. As Elastic Chain ZKsync continues to gain popularity, it is important that it becomes the go-to place for both retail and institutional users to enjoy a secure entry point into the digital asset ecosystem across all ZK chains. ZKsync is the most advanced and future-proof scalable solution based on ZK-resistant technology, and with Aave deployed on Era, a larger audience will be able to leverage ZKsync to its full potential.”
“I have been working with the Aave team since 2019, and with the ZKSync team since early 2022.” he said Johann Eid, Chief Business Officer at Chainlink Labs“In a short period of time, both projects have had a profound impact on DeFi and the blockchain industry as a whole, helping to drive interest, secure transactions, and bring a great deal of value and innovation to the space. The launch of Aave V3 on Era Mainnet brings together a foundational DeFi protocol and a pioneer that is pushing the zero-knowledge space forward, which is a major step forward for our industry, and Chainlink Price Feeds play a key role in ensuring that the market data powering the protocol is incredibly reliable and accessible. This launch is a significant milestone for DeFi scalability, and its potential to increase institutional usage is an exciting development for on-chain finance in general.”
A layer 2 scaling solution powered by ZK technology, ZKsync offers low-cost, faster transactions in a secure and decentralized environment. The addition of Aave aims to attract a broader user base, improve user experience, and establish Aave as a leading DeFi protocol in the rapidly growing Elastic Chain ecosystem.
DeFi Gateway for Institutional Finance
The Aave launch will also set the stage for privacy-focused DeFi applications. These applications will leverage Aave’s competitive liquidity, flexibility, and conservative risk management to address the growing demand for enhanced privacy in DeFi. Additionally, the launch is expected to unlock fresh institutional operate cases, from private networks to networks tailored to specific asset classes, risk profiles, and user segments. This integration also opens up fresh opportunities for Aave’s native collateralized stablecoin GHO and future products such as speedy, cost-effective payments.
Following a positive technical review by BGD Labs and a positive risk analysis by Chaos Labs, and asset/parameter recommendations from risk service providers, BGD has implemented the integration and Aave DAO has approved USDC, USDT, WETH, and wstETH as initial assets available on Era. Initial risk parameters for each asset can be found here.
Aave DAO is committed to redistributing all airdrops received from the ZKsync ecosystem via liquidity mining to Aave users. The distribution will include additional GHO liquidity incentives, security module implementations, and merit programs. Aave Chan Initiative (ACI), one of Aave DAO’s service providers, will coordinate each liquidity mining campaign as part of the ZKsync Aave V3 implementation on behalf of Aave DAO.
Proposals for managing the deployment can be found here and here.
ContactGroup M Strategic Communicationsppadovano@mgroupsc.com
