As a seasoned analyst with a penchant for blockchain technology and a knack for spotting promising opportunities, I find the recent proposal by Aave Chan Initiative to deploy Aave v3 on Sonic intriguing. The potential benefits of integrating Aave into Sonic’s layer-1 Ethereum Virtual Machine-compatible blockchain are substantial, particularly given the impressive funding commitment and incentives offered by the Sonic Foundation.
The Aave Chan Initiative, which acts as both a delegate and service provider within the Aave Decentralized Autonomous Organization (DAO), has started a discussion on Aave’s governing platform about implementing Aave version 3 on Sonic.
On December 18th, Sonic Labs unveiled the main network launch of its Ethereum Virtual Machine-compatible blockchain, named Sonic. A recent governance proposal has been put forth, aiming for community endorsement, which, if approved, would facilitate the integration of Aave version 3 (AAVE), currently securing a total value locked exceeding $22 billion, onto the new layer-1 blockchain.
The original post is asking for the community’s feedback regarding the implementation of Aave V3 on Sonic Mainnet, and this was pointed out by its proposer, ACI. In simpler terms, we can say that the post is looking for opinions from the public about whether or not to launch version 3 of Aave on the Sonic network, as suggested by the person who proposed it.
The Sonic Foundation has pledged a total of $15 million in funding, along with incentives for migration, and will also provide up to 50 million Sonic tokens (S) and 20 million US Dollar Coin (USDC).
After the temperature gauge, it’s decided that the plan moves on to the voting phase, first through a Snapshot process, followed by an Aave Request for Comment (ARFC) and an Aave Improvement Proposal (AIP). The ARFC and AIP phases culminate in a vote, resulting in final approval and implementation.
The primary network launch of Sonic introduces its native token ‘S’, accelerated confirmation process, and a revenue-generating transaction fee system. In the proposed plan by Aave-Chan, this feature is highlighted as a potential extra earnings opportunity for Aave.
The proposal suggests that, considering the impressive past achievements of the Sonic team and their promised innovations, they could be a solid choice for implementing Aave V3. Furthermore, the proposal notes that the fee monetization for applications associated with Aave could potentially serve as an extra revenue stream.
Through Sonic Live, Fantom (FTM) token owners can swap their FTM for an equal amount of S tokens directly. The developers at Sonic Labs have established a points system for the airdrop on the L1 network, with approximately 190.5 million S tokens up for grabs among eligible community members. At the time of writing, FTM was trading at around $1.16.
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2024-12-18 23:48