As a seasoned crypto investor with a keen eye for potential and a knack for spotting trends, I’ve always been intrigued by the dynamic landscape of DeFi. The recent news about Aave v3 deploying on Sonic L1 has stirred quite a buzz in my circles.
Sonic (formerly known as Fantom) has successfully initiated the initial phase of deploying Aave’s third-generation lending system onto its own blockchain network.
On December 27th, a community vote on the Sonic layer-1 network confirmed that enough participants supported the integration of Aave, the leading decentralized finance lending platform, into their blockchain system, as part of the Aave v3 deployment process. This vote was essentially a way to gauge the level of community approval for this integration.
In simpler terms, Aave Chain, one of the key representatives in the Aave Decision-Making Autonomous Organization (AaveDAO), put forth a suggestion. This proposal is now moving forward to the Aave Request for Comments (RFC) phase. During this stage, feedback from governance participants and service providers is invited.
A well-executed ARFC (Aave Governance Framework Change) will pave the way for a final Aave Improvement Proposal (AIP) vote, allowing the deployment of Aave v3 on the novel layer-1 blockchain to be approved.
— Sonic Labs (@SonicLabs) December 27, 2024
Aava leads the Decentralized Finance (DeFi) lending sector, holding approximately $xyz billion in assets secured, as reported by DefiLlama. If Sonic is launched onto the main network, it will enable users to access on-chain credit lines and provide liquidity opportunities for other investors.
Redesigning Sonic during its Fantom period could streamline the launch procedure. The team, boasting experienced constructors such as Andre Cronje, had previously scaled Fantom to a “TVL peak of approximately $14.5 billion in 2021.
The latest version of L1 has constructed its blockchain to handle up to 10,000 transactions every second, and it uses a fee-based system to entice developers working in the web3 space.
As I deliberate over Aave’s potential expansion, I foresee a shift in our lending markets away from Polygon due to concerns surrounding a proposed change on their end. This change potentially exposes Aave’s native collateral to the risk of bad debt, which is not something we’re comfortable with as a decentralized lender.
According to Polygon’s co-founder Sandeep Nailwal, Aave is alleged for acting aggressively towards the ecosystem and employing anti-competitive strategies. However, Stani Kulechov, Aave’s founder and CEO, denies these accusations and asserts that their actions were taken to ensure user safety instead.
My thoughts on the Polygon bridge funds investment proposal:
1. The Polygon team (with the help of their friends) created a proposal to take users’ funds from the Polygon bridge and invest them into DeFi without sufficient risk protection. Behind closed doors, they selected the…
— Stani (@StaniKulechov) December 18, 2024
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2024-12-27 21:04