AAVE investors can savor the moment as the protocol has these plans for…
ambcrypto.comAave is looking to expand the accessibility of the third version of its lending and borrowing protocol. The network revealed this through a recently announced proposal that it had plans to expand into the BNB chain.
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Aave V3 has already been deployed on multiple networks, especially Ethereum [ETH] layer 2s. The most recent announcement revealed that the BNB chain might be its next destination depending on the outcome of the proposal’s vote.
Aave revealed that it will initially deploy Aave V3 on BNB chain with a few handpicked digital assets as collateral.
<p lang=«en» dir=«ltr» xml:lang=«en»>The Aave community proposes to deploy Aave V3 on the BNB Chain and select assets as collateral, including BNB, WBTC, BETH, WETH, USDC, and USDT. The largest lending agreement of BNBChain is Venus Protocol, but there have been many security problems. https://t.co/u3D0dXDMdg— Wu Blockchain (@WuBlockchain) April 4, 2023
The announcement reflected the collaboration trend that was observed so far this year in the blockchain and DeFi segment. Aave made it clear that both networks will benefit from this collaboration. So what are the benefits to expect? The first major benefit especially for Aave will be access to a larger and more diversified crowd of users.
The BNB chain already has an extensive user base, which may provide access to a lot more liquidity. As far as benefits are concerned, Aave stated that Aave V3 could boost BNB chain’s offerings courtesy of its flagship DeFi protocol status.
The AAVE token has been oscillating on its 200-day moving average for the last few weeks. Its latest pivot has so far yielded at 12% upside from a $68.18 low on 27 March to a press time price of
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