DeFi
Aave Wins Community Vote
Aave is now live on Scroll Alpha testnet, according to a May 4 announcement.
gm Scrollers, we have some exciting news to share today!
We are pleased to announce that @AaveAave, one of the leading foundational pillars in DeFi is now live on our Alpha testnet!
Dive in to learn how you can get started using Aave on Scroll.
📜 🤝 👻 pic.twitter.com/a5gBMHrbhw
— Scroll 📜 (@Scroll_ZKP) May 4, 2023
The recent event came after the Aave community approved the proposal to deploy Aave on the Scroll testnet. A total of 642K $AAVE voted in favor of the proposal, while 36 $AAVA voted against it.
As per the DeFi protocol, by launching on testnet, Aave can take part in battle-testing and gain a competitive edge in zk rollup. Additionally, many protocols looking to launch on Scroll have requested integration with lending protocols, such as Aave.
Aave believes the Aave community and Scroll’s ecosystem are closely aligned: both are working toward a decentralized and trustless financial infrastructure that anyone can access, regardless of merit.
Zk rollups are widely regarded as the essence of Ethereum scaling. With recent breakthroughs in the space, Scroll is positioned to build the next generation of scaling solutions, according to Aave.
“Aave is a uniquely important DeFi lender in the Ethereum ecosystem and pioneers how the ecosystem and user behavior evolves and can continue to do so by benefiting from the explosion of potential use cases that a zk L2 affords,” the Aave team stated in the recent proposal.
However, a community member known as MarcZeller, believes that Aave deploying on the “young” Scroll ecosystem is a “bet” with no guarantee of success. Aave is trading at $70.73, up 4% in 24 hours, according to CoinMarketCap.
What is Aave:
Aave is a decentralized crypto lending platform that allows users to borrow and lend crypto. Aave specializes in overcollateralized loans that require users to deposit crypto worth more than their loan amount.
