A proposal has been made on the governance forum of the decentralized finance (DeFi) protocol Aave to determine whether or not its V3 will be deployed on Polygon’s zkEVM solution (MATIC). In addition, the proposal aims to prepare the ground for a possible arrival of the stablecoin GHO from Aave on layer 2, the arrival of which is set for March 27.
Aave V3 could be launched on Polygon zkEVM
A proposal to deploy Aave V3 on the Polygon sidechain zkEVM mainnet (MATIC) was issued on the Aave governance forum. Presented by Marc Zeller, founder of the Aave-Chan Initiative, this provision would allow the decentralized finance protocol (DeFi) to establish a strategic presence on this new layer 2.
According to the governance forum article, Aave V3 has already been present for more than 6 months on the zkEVM testnet ” for testing purposes », its integration on the mainnet is therefore greatly simplified, especially since, as its name suggests, the zkEVM technology is compatible with the Ethereum Virtual Machine (EVM). In other words, the code used by Aave for its usual activities remains the same as for Polygon’s layer 2 zkEVM.
Thus, its integration would require only a reduced number of modifications.
Tea @0xPolygon ZkEVM network will be live on March 27th. As a supporter of L2 diversity, The ACI published a proposal to deploy @AaveAave V3 there, as close as possible to “day one” of this network.
Feel free to participate in the governance discussionshttps://t.co/ep23D2Rl0R pic.twitter.com/Qbatux087H
— Marc Zeller 👻 💜 🦇🔊 (@lemiscate) March 3, 2023
If the deployment of Aave V3 were to be carried out on Polygon zkEVM, a limited number of cryptocurrencies would be incorporated initially given the innovative aspect of layer 2. Thus, only USDC, WETH and WMATIC would be available as collateral. Regarding loans, one of Aave’s key tools, these would be exclusively available in USDC in order to mitigate hypothetical risks.
In addition, note that the GHO, the stablecoin of Aave – currently available on the Goerli testnet – could be deployed later on Polygon zkEVM, according to the proposal.
With a launch scheduled for March 27, layer 2 Polygon’s zkEVM is a pioneer in the democratization of ZK-Rollups compatible with the Ethereum Virtual Machine. To find out more about ZK-Rollups and what makes them unique, we invite you to read our dedicated sheet.
Aave is currently the 4th most important DeFi protocol in terms of total value locked (TVL), with over $4.58 billion housed within its ecosystem.
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Source: Aave Governance Forum
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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