TronWeekly

Crypto World News

You are here: Home / Archives for aave

aave

Aptos (APT) and Aave Slump, Tradecurve Sets Toward New Market Record 

by

Tradecurve (TCRV) has emerged as a hidden gem, which can lead the crypto market to new heights. On the contrary, Aptos (APT) and Aave (AAVE) holders are currently bearing losses. Sensing its long-term growth potential, investors have already invested big amounts in its presale. 

>>Register For The Tradecurve Presale<<

Aptos (APT) Introduces New Delegated Staking Feature

Aptos (APT) became one of the biggest headline makers in the first quarter of 2023. The crypto market was dominated by Aptos in January when APT surged by more than 400%, and recorded its all-time high. However, Aptos soon succumbed to bears’ pressure, and lost 59% of its value from its peak of $19.90. 

At present, Aptos is changing hands at $8.24, after suffering a fall of 33% in the last month. To come out of this severe bearish phase, Aptos recently introduced a new delegated staking feature on its network. 

The new feature will make Aptos users eligible for staking awards without the need to act as validators on the network. Aptos users will need only 11 APT tokens to stake on the network.

Bakkt Delists Aave (AAVE) Due to Regulatory Reasons

Intercontinental Exchange’s crypto business, Bakkt, has delisted the prominent DeFi token, Aave (AAVE). The exchange has cited regulatory guidance and industry developments as the primary reasons behind delisting Aave. 

The event has taken place at a time when Aave has been trying to increase its presence on several networks and exchanges. Recently, Aave launched its Version 3 on the Metis network. 

Prior to that, the Aave community had voted in favor of deploying V3 on the BNB Chain. Meanwhile, Aave has witnessed a decline of 11% in its price in the last month. Consequently, Aave is currently available to trade at $62.16.

>>Register For The Tradecurve Presale<<

Tradecurve (TCRV) Dazzles Investors With Its Growth Prospects

The global cryptocurrency exchange platform’s market size is predicted to reach $264.32 billion by 2030, which was around $37 billion in 2022. However, there is a massive disconnect between crypto trading, and the trading of traditional derivatives.

Linking these two market sectors, Tradecurve (TCRV) has launched a new Web3 trading exchange that allows the trading of multiple asset classes. Its most remarkable feature is traders’ privacy. 

It allows users to trade without going through an arduous KYC verification process, which makes it safer, simpler, and more accessible than exchanges like Binance, Coinbase, or OKB. Thus, users can create accounts with their email IDs, connect their wallets, and begin trading without relying on fiat payments.

TCRV, the native crypto of the platform, has been built on the Ethereum blockchain. The platform’s team is also KYC-audited by Assure DeFi. Its initial coin offering (ICO) is selling out fast, due to multiple use cases and high-value propositions. 

It is likely to raise $20 million during its presale phase, which is significantly greater than the $15 million raised during Binance’s ICO. Currently, a token is available to purchase at $0.018.

For more information about the Tradecurve (TCRV) presale:

Click Here For Website

Click Here To Buy TCRV Presale Tokens

Follow Us Twitter

Join Our Community on Telegram

AAVE Community Votes Overwhelmingly To Freeze TUSD Reserve On Aave V2 Ethereum

by

In an unprecedented move, the AAVE community is currently engaged in a decisive vote that could have significant implications for users of the Aave V2 Ethereum pool. 

The proposal on the table aims to freeze the reserve of TrueUSD (TUSD), a stablecoin, effectively prohibiting any deposits or borrowing of TUSD on the platform. 

However, it’s important to note that existing positions will remain unaffected, and users will still have the ability to repay and withdraw TUSD. The voting process, which commenced recently, has seen an astonishing 83% of the community expressing their agreement with the freeze. 

This overwhelming support demonstrates the community’s desire to adopt a cautious approach to the TUSD situation and take necessary measures to safeguard its ecosystem.

Protecting the Aave Ecosystem: Motivation Behind the Freeze

The motivation behind this proposal stems from recent events involving the TUSD asset. The Aave Community Initiative (ACI) recognizes the need for a temporary freeze to prevent any potential risks or issues that may arise from TUSD’s usage within the Aave V2 Ethereum pool. 

By imposing this freeze, the community seeks to evaluate the situation thoroughly and gather pertinent information before making any further decisions.

The specifics of the proposal outline a methodological plan to execute the freeze on the TUSD reserve within its V2 Pool Configurator contract. By calling the “freezeReserve” function from the Aave V2 Ethereum Pool Configurator contract, the necessary actions will be taken to halt any future TUSD deposits or borrowings. 

The AaveV2 Freeze Reserves_20230627 contract, which implements the IProposalGenericExecutor interface, will play a crucial role in executing this freeze.

The temporary freeze on the TUSD reserve emphasizes the community’s commitment to the safety and stability of the V2 Ethereum pool. 

While this measure may temporarily inconvenience some users, it underscores the community’s proactive approach to mitigating potential risks and ensuring the long-term viability of the ecosystem.

However, the freeze is not permanent and serves as a means to assess the situation thoroughly. The community will have the opportunity to reevaluate and make informed decisions regarding the future of TUSD on the Aave V2 Ethereum pool once more information becomes available.

With the voting process scheduled to conclude in approximately 14 hours, the AAVE community is anxiously awaiting the final outcome. 

Nevertheless, the overwhelming support for the freeze thus far showcases the community’s active involvement and commitment to shaping the future of Aave and maintaining its position as a leading decentralized finance (DeFi) platform.

Related Reading |  IRS Knockout Blow: Kraken Forced To Unleash User Data In Crypto Showdown

DeFi: While AAVE Price Boosts 35%, Whale Buys $13M Tokens

by

DeFi cryptocurrency AAVE has managed to record a 35% surge as the overall market consolidates. The asset increased from its daily low of $56.95 to $76.9 in just under 12 hours. However, its 35% surge shortly fizzled out, and AAVE began retracing. The cryptocurrency is currently trading at $64.63, down 16% from its top.

Screenshot 266
Source: TradingView

A specific whale amassed 182,152 AAVE tokens, roughly worth $13.2 million from exchanges via several addresses during the course of the previous day, according to Lookonchain data. After all the “in” transactions, the whale’s wallet contained 399,585 AAVE, or a balance of $29 million.

However, the whale only just now began to sell tokens a few hours ago. Etherscan’s on-chain data shows that the major participant ‘out’ed’ about 38,000 AAVE tokens. In retrospect, different addresses were used to send these tokens to exchanges.

Justin Sun, the founder of Tron, just completed a significant AAVE deal in addition to the whale. The executive just put all 111,910 of his tokens, worth $776k, into Huobi, according to Lookonchain. Prior to this, in 2021 and 2022, when the asset’s valuation was in the triple digits, he sold tokens valued at millions of dollars.

It seems as though other market participants were doing the same. According to ITB data, there have been 1016% more addresses with zero balances associated with AAVE over the past week. This confirms the selling bias by showing an increase in the addresses sending their whole balance out at the moment.

DeFiLlama Says Otherwise

Fundamentally speaking, not much has altered since the weekend. Let’s think about the TVL of the protocol. The value of all the money locked on Aave has remained constant at about $5.6 billion, according to data from DeFiLlama, negating any reason for the bias to change to bullish.

In parallel, the overall DeFi market is still having trouble. The value of all tokens from the industry fell from an aggregate valuation of around $48.3 billion to $47 billion in just the past 24 hours, highlighting the less-than-optimistic mindset of market players. There is so no on-chain or fundamental support at this point that can aid AAVE in continuing its positive trend, barring the completion of another sizable buy.

Aave (AAVE) Struggles to Maintain Its Price While DigiToads (TOADS) Presale Amazes Investors With Over $4 M Raised

by

Aave isn’t alone in the crypto world: almost every coin is struggling right now thanks to a loss of investor confidence and wider economic issues that continue to worsen. But not every token is down: altcoin superstar DigiToads (TOADS) continues to break new ground as it rises to glory as the best new crypto investment the market has seen for some time. Its presale has already amazed investors as it surges past $ 4.55 million in sales in its very early days. This figure is expected to go even higher before its new ico launch later this year, with automatic gains for early holders. As investors continue to flock to the TOADS ecosystem, here’s why you should consider joining them:

DigiToads (TOADS)

The incredible DigiToads (TOADS) P2E environment continues to welcome new investors as it marries memecoin hype potential with real underlying mechanics that are built to stand the test of time. Thanks to a small tax on transactions, there will always be plenty of funds in the system which will be used to provide P2E rewards, NFT pooling returns, treasury funds, community enhancements and marketing to help it grow even more.

The P2E fun offered by TOADS simply cannot be beaten as it continues to grow and head towards top 10 altcoin stardom. It provides users with an experience that’s as fun as it is rewarding, giving you the chance to battle it out in the TOADS arena with your own digital companions to win handsome rewards in the process.

But it’s the TOADS presale that continues to gain traction as it surges past the $ 4.55 million sales figure. This figure is remarkable when you consider that it hasn’t even been launched on marketplaces like BitMart and Uniswap, which come later in its roadmap to success. Discounts are currently still available at a price of $0.036, which will shortly rise to $0.042 at the next stage and $0.055 before its official launch: automatic gains you simply can’t ignore. So if you want gains straight out of the gates alongside the best P2E memecoin experience out there, check out TOADS immediately. It continues to welcome new investors every single day as many experts believe it’s the best defi token available on the market right now, one that offers tons of potential as it leads the way for the next generation of crypto investors.

>> Buy DigiToads Now <<

Aave (AAVE)

As an open-source liquidity protocol, AAVE makes it easy for investors to earn yields on their crypto and make use of a range of financial tools. There’s already over $8billion in liquidity locked into AAVE across five networks. But its token has struggled to maintain a good price recently, leaving some investors wanting more. While AAVE still has a future, it simply doesn’t look as profitable as TOADS over the next few months.

Conclusion

You don’t have to see your portfolio struggle with tokens like AAVE when crypto coins like TOADS are available. So consider ditching those stagnant cryptos and add the best bet for growth: TOADS. It’s got everything needed for success during presale and a rocket to the moon after its official launch.

For more information on DigiToads visit the website, join the presale or join the community for regular updates.

Bakkt’s Bold Move: Mass Delisting Of DeFi Tokens, Including AAVE, LINK, UNI, & More

by

Bakkt, the cryptocurrency business of Intercontinental Exchange (ICE), has announced a mass delisting of several digital assets, including some prominent decentralized finance (DeFi) tokens. 

The move comes after regulatory guidance and industry developments have prompted the company to review its coin listing process.

According to the report, the most well known de-listed tokens includes, Aave (AAVE), Avalanche (AVAX), Chainlink (LINK), Chiliz (CHZ), Curve DAO (CRV), Fantom (FTM), Filecoin (FIL), Maker DAO (MKR), Stellar (XLM), Sushiswap (SUSHI), and Uniswap (UNI).

Others are Bancor Network Token (BNT), Basic Attention Token (BAT), Enjin Coin (ENJ), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Republic (REN), Synthetix (SNX), and Texos (XTZ).

In a statement, a Bakkt spokesperson explained that the decision was made as part of the company’s regular coin listing review process:

Our clients’ and their consumers’ best interests are our core commitment, and our review process ensures those interests are best served when we contemplate the most up-to-date regulatory guidance and the latest industry developments.

The move is a significant blow to the affected tokens, which may see a drop in liquidity and trading volume. However, the delisting is not expected to have a significant impact on the wider cryptocurrency market.

Bakkt’s decision to delist these tokens highlights the growing pressure on cryptocurrency businesses to comply with regulatory guidance and adapt to changing industry developments. 

However, with the ongoing evolution of the cryptocurrency market, it is probable that an increasing number of companies will reassess their coin listing procedures and adapt their offerings accordingly.

Bakkt Reports Q1 2023 Results & Acquisition Of Apex 

Recently, Bakkt reported Q1 2023 financial and operational results with net revenues of $13 million, up 4% YoY. Accoridng to the press release, Operating expenses of $58.4 million, down 4% YoY, including $4.3 million in restructuring expenses. 

The acquisition of Apex Crypto, completed on April 1, 2023, adds about 5.8 million crypto-enabled accounts to Bakkt. As per a spokesperson’s note, Bakkt is set to acquire Apex Crypto for a maximum purchase price of $200 million under the agreement. 

The deal was initially closed for $55 million, and Bakkt will pay up to $145 million in Bakkt stock, contingent on Apex Crypto’s financial performance until 2025.

The outlook for Apex Crypto predicts full-year 2023 gross revenues of $1.87 billion to $2.38 billion and crypto costs and execution, clearing, and brokerage fees of $1.87 billion to $2.37 billion. The number of transacting accounts increased 2% YoY, while the net loss increased 4% YoY to $(44.9) million.

Related Reading | Chamber Of Commerce Backs Coinbase In SEC Showdown Over Crypto Regulations 

Discover the Future of DeFi with Uniswap (UNI), Aave (AAVE), Polygon (MATIC) and Orbeon Protocol (ORBN), Now Listed on Uniswap after Highly Successful Presale

by

The future of DeFi lies in Uniswap (UNI), Polygon (MATIC),  Aave (AAVE) and Orbeon Protocol (ORBN), an innovative platform now listed on Uniswap after a highly successful presale. Following a remarkable return from its presale, Orbeon Protocol (ORBN) is poised to make waves in the DeFi space, with market analysts projecting a value of $0.24 as the current trading price for the token stands at $0.2145.

>>BUY ORBEON TOKENS HERE<<

Uniswap (UNI)

Uniswap (UNI), the DeFi titan, is set for a remarkable future. As Uniswap (UNI) continuously displays its strength, the BowTiedJungle community deepens its support. With a $4 billion TVL, Uniswap (UNI) is the market leader in DeFi. 

The Binance Smart Chain (BSC) fork demonstrates the versatility of Uniswap (UNI), while the expiration of the BSL ushers in an age of open-source development. 

The Uniswap (UNI) continuous development and innovation solidify its position as the future of decentralized finance, making Uniswap (UNI) the industry leader. The current price for Uniswap (UNI) stands at $6.10 with a market ranking of #20.

>>BUY ORBEON TOKENS HERE<<

Aave (AAVE)

Aave (AAVE), a pioneer in decentralized finance (DeFi), is designing its future. The Aave (AAVE) influence is clear, given the market capitalization of Aave (AAVE) with more than $1 billion and its gain. 

Extending its lending and borrowing protocol, Aave (AAVE) V3, over many networks, including Ethereum (ETH) layer 2s, demonstrates the adaptability of Aave (AAVE). 

Aave (AAVE) wanting to join the BNB network would broaden its customer base, expanding its reach. By cooperating with other networks, Aave (AAVE) strengthens its position as a DeFi industry leader.

>>BUY ORBEON TOKENS HERE<<

Polygon (MATIC)

Polygon (MATIC) is gradually becoming a leading cryptocurrency competitor, as it is now ranked ninth and priced at $1.11. zkEVM, created by the Ethereum (ETH) scaling powerhouse, underlines the dedication of Polygon (MATIC) to innovation. 

The Polygon (MATIC) chain, which addresses security and centralization issues, bolsters the position of Polygon (MATIC) in the DeFi market. 

Polygon (MATIC) continues to develop data availability solutions such as Polygon (MATIC) Avail and agreements with Matter Labs’ zkPorter. Polygon (MATIC) strategic development and problem-solving skills pave the way for a prosperous DeFi future.

>>BUY ORBEON TOKENS HERE<<

Orbeon Protocol (ORBN)

Orbeon Protocol (ORBN) wants to shake up the venture capital business by bringing new ideas and benefits that its competitors don’t have. Orbeon Protocol (ORBN) aims to disrupt the venture capital sector with the sale of equity-based fractionalized NFTs, this blockchain-based investment platform will help startups that need money, providing entrepreneurs with swift access to financing and new communities, allowing them to get the money much quicker.

Fractionalized NFTs, digital versions of startups, can be bought by small investors for as little as $1. By giving businesses NFTs-as-a-service (NFTaas), Orbeon Protocol (ORBN) has made investing in and raising money for businesses cheaper and easier.

Security is a big part of the Orbeon Protocol (ORBN) ecosystem as a whole. The security feature “Fill or Kill” is a mechanism that has been put in place in every smart contract. With this system, investors get their money back automatically if a startup doesn’t reach its funding goals.

After a successful presale, you may now buy, sell and trade Orbeon Protocol (ORBN) on Uniswap. Currently, the Orbeon Protocol (ORBN) token is trading on Uniswap for $0.2145, a remarkable increase from its original presale price of $0.004. Analysts have predicted Orbeon Protocol (ORBN) to soon reach $0.24, representing a 60x return from the initial price.

Find Out More About The Orbeon Protocol

Website: https://orbeonprotocol.com/

Uniswap: https://app.uniswap.org/#/swap

Telegram: https://t.me/OrbeonProtocol

Twitter: https://twitter.com/OrbeonProtocol

DeFi: Yearn Finance Lost $11M After Attackers Exploited An Outdated Contract

by

DeFi protocols Yearn Finance and Aave suffered exploitation to the tune of over $11 million owing to a misconfigured yUSDT, blockchain security expert Peckshield revealed.

Initially, the attack was thought to be limited to Aave V1, but later on-chain sleuths found that the protocol was instead exploited to mint huge yUSDT from a small $10K USDT.

The massive amount of yUSDT was then converted to other stablecoins and cashed out. So far, the flash loan exploiter stole millions worth of USDT, TUSD, BUSD, USDC, and DAI.

image 47
DeFi: Yearn Finance Lost $11M After Attackers Exploited An Outdated Contract 3

Shortly after that, Yearn Finance’s team issued a public statement as it continues its investigation.

We’re looking into an issue with iEarn, an outdated contract from before Vaults v1 and v2. This problem seems exclusive to iEarn and does not impact current Yearn contracts or protocols. iEarn is an immutable contract predating YFI, it was deprecated in 2020. Vaults v1, with upgradeable strategies, was also deprecated in 2021. There’s no indication it’s affected. The current version, Yearn v2 Vaults [written in Vyper], remains unaffected as well.

As further information came to light, different security analysts pointed out that the issue is still specific to the liquidity pool and the 2020-launched iEarn legacy protocol. Vaults for Yearn v2 don’t appear to be affected.

Voicing a similar opinion, White-hat hacker samczsun said, “It seems like the iEarn USDT token [yUSDT] has been broken since deployment, which was *checks notes* over 1000 days ago. It was misconfigured to use the Fulcrum iUSDC token instead of the Fulcrum iUSDT token.”

For those new, prominent Web3 developer Andre Cronje pioneered two DeFi projects — yEarn Finance and iEarn. Cronje renamed iEarn to Yearn Finance [YFI] in July 2020 after it showed success in yield aggregation.

Cyber experts have so far highlighted the vulnerability in Yearn’s predecessor’s contracts. Meanwhile, a similar incident of smart contract exploitation took place a few days back.

DeFi Protocol Sushi DEX Hack

Popular decentralized protocol Sushi DEX reported a loss of over $3 million due to a bug on the “RouterProcessor2” contract that is used to route trades on the SushiSwap exchange.

The issue seems to only impact customers who approved SushiSwap contracts in the previous four days, according to @0xngmi, a pseudonymous DefiLlama developer.

After the incident, SushiSwap chief developer Jared Grey requested users to remove access to any contracts on the platform as a security precaution.

Grey also assured that the team was “working with security teams to mitigate the issue.”

Profiting From DeFi: Unlocking the Potential of Collateral Network (COLT), Aave (AAVE) and PancakeSwap (CAKE)

by

Collateral Network (COLT) is currently in its presale phase with a token price of only $0.01, and is generating a lot of buzz among investors. Along with Aave (AAVE) and PancakeSwap (CAKE), Collateral Network (COLT) has the potential to unlock the full potential of DeFi and offer investors a chance to profit, especially with discounted COLT tokens.

>>BUY COLT TOKENS NOW<<

Aave (AAVE)

Aave (AAVE) is a decentralized finance (DeFi) platform that enables users to borrow and lend cryptocurrencies without the need for intermediaries. Aave (AAVE) was launched in 2017 as ETHLend, but it was later rebranded as Aave (AAVE) in 2018.

One of the key advantages of Aave (AAVE) is its focus on user control and transparency. Unlike traditional financial institutions, Aave (AAVE) does not require users to go through a lengthy approval process to provide liquidity or borrow funds.

Another advantage of Aave (AAVE) is its governance model, which is based on a token-holder voting system. This means that Aave (AAVE) token holders have a say in how the platform is run, including the ability to propose and vote on changes to the platform’s governance structure and features.

Pricewise, Aave (AAVE) is up 50% since the start of January 2023. With its current price at $78.14, Aave (AAVE) is expected to approach the $100 milestone by the conclusion of 2023.

>>BUY COLT TOKENS NOW<<

PancakeSwap (CAKE) 

PancakeSwap (CAKE) is Binance Smart Chain’s (BSC) first decentralized exchange (DEX) which provides users with an intuitive, low-cost and secure way to trade crypto assets without the need for a middleman. PancakeSwap (CAKE) employs innovative blockchain technology to enable cross-chain trading and liquidity pooling.

The main offering of PancakeSwap (CAKE) is the Syrup Pools, which allows users to stake their crypto assets and earn rewards in the form of CAKE tokens. As such, PancakeSwap (CAKE) provides investors with an opportunity to earn passive income by staking their tokens.

In terms of value, PancakeSwap (CAKE) made a remarkable surge during the 2021 bull market, soaring by 8,000% within just four months. Despite the subsequent decline in its price, investors maintain a positive outlook on its long-term prospects.

Industry analysts anticipate that PancakeSwap (CAKE) will eventually return to its record price of $44, especially with centralized exchanges under intensifying scrutiny. PancakeSwap (CAKE) is well-positioned to capitalize on the growing demand for secure and decentralized exchanges, making PancakeSwap (CAKE) an attractive investment opportunity.

nKR590eKwxQ0C1eAX9Y1kv2rfX5Nt ngIkSFo0uCu1idgQ O7GKd1Rrakbx eWfy3LGMHPE2OXIYJD1yIj9K0BHweeqKhkj65blYTcPWnMl5vBS7b06R0XS5SuXb3Y5HqJOuqGoeaq4icKsTVev8wVw

Collateral Network (COLT)

Obtaining the necessary funds can be a daunting task, especially when traditional financial institutions require lengthy approval processes and credit checks. Fortunately, Collateral Network (COLT) has emerged as a reliable solution for accessing loans without the hassle – all borrowers need is an asset as collateral which can be anything from vintage wines to supercars to expensive watches.

Collateral Network (COLT) operates by minting fractionalized, 100% asset-backed NFTs that represent the asset that is being held as collateral. This means that the NFT is broken down into smaller pieces, allowing anyone to become a lender with Collateral Network (COLT).

For borrowers, fractionalization increases liquidity and capital accessibility by reducing the need to liquidate a single large asset. No longer will borrowers need to wait days, weeks, or even months for a loan to be approved. Collateral Network (COLT) borrowers can receive loans in as little as 24 hours. For lenders, it is a method of earning a passive income by lending small amounts of money to the NFT fractions with a fixed interest rate and time scale, resulting in fractional lending, in order to raise the funds for the loan required by the borrower with no possibility of losing out as the loan will be repaid back to them by the borrower, and in the eventuality that the borrower fails to do this, the asset will be sold at auction at a below market price in order to recoup the lenders’ funds.

Collateral Network (COLT) smart contracts also provide a layer of security and transparency. The collateral is recorded on the blockchain, allowing lenders to see that it is being held as security for the loan.

The Collateral Network (COLT) presale is now underway, and the project has already received significant interest from investors. With discounted COLT tokens released during this period with a $0.01 token price and 35x forecasted price increase for the token, investors can get in early and stand to benefit from the project’s growth.

nKR590eKwxQ0C1eAX9Y1kv2rfX5Nt ngIkSFo0uCu1idgQ O7GKd1Rrakbx eWfy3LGMHPE2OXIYJD1yIj9K0BHweeqKhkj65blYTcPWnMl5vBS7b06R0XS5SuXb3Y5HqJOuqGoeaq4icKsTVev8wVw

Find out more about the Collateral Network presale here:

Website: https://www.collateralnetwork.io/

Presale: https://app.collateralnetwork.io/register 

Telegram: https://t.me/collateralnwk

Twitter: https://twitter.com/Collateralnwk 

Aave V3 Proposes Expansion To BNB Chain, Introduces New Collateral Options

by

In an exciting move to expand its presence and tap into the growing DeFi ecosystem of the Binance Smart Chain (BNB Chain), the Aave community has proposed the deployment of Aave V3 on the BNB Chain. 

This proposal aims to foster collaboration between Aave and BNB Chain communities, opening up new opportunities for both ecosystems.

According to the governance proposal, Aave V3 will be deployed on the BNB Chain with a selection of suitable assets for collateral. The proposed collateral assets include BNB, WBTC, BETH, WETH, USDC, and USDT, representing a diverse range of popular tokens in the crypto space. 

This move is expected to attract users from the BNB Chain community and leverage the growing DeFi ecosystem on BNB Chain.

The motivation behind this proposal is multifaceted. Aave stands to benefit from gaining access to BNB Chain’s large user base, DeFi ecosystem, and potential additional revenue streams. 

On the other hand, BNB Chain would benefit from having a flagship DeFi project like Aave on its platform, further diversifying the DeFi options available to its users.

Proposed Risk Parameters For Aave V3

The proposed risk parameters for the collateral assets have been carefully considered, with inputs from risk service providers and feedback from its Aave community.

The risk parameters include loan-to-value ratios, liquidation thresholds, liquidation bonuses, reserve factors, and more. These risk parameters are crucial in maintaining the stability and security of the protocol on the BNB Chain.

image 16

The deployment of V3 on the BNB Chain would require a comprehensive checklist to ensure a smooth transition. It includes obtaining feedback and input from the community and risk service providers on the proposed risk parameters and deployment details. 

Additionally, an infrastructure/technical evaluation report from BGD Labs, Oracle recommendation (Chainlink), and support from The Graph would be integrated into the proposal. 

It’s worth mentioning that the Aave-Chan Initiative (ACI) has prepared this proposal solely to facilitate community discussion and is not compensated in any form by Binance & BNB.

As the proposal undergoes refinement based on community feedback and risk service provider recommendations, it will eventually be put up for a snapshot vote for final approval. If consensus is reached, a deployment AIP (Aave Improvement Proposal) will be submitted to activate V3 on the BNB Chain, as per the proposal.

This move by the community to deploy V3 on the BNB Chain with diverse collateral assets represents a strategic expansion of the protocol and a step toward further collaboration between both communities. 

However, if successful, it could pave the way for increased adoption of Aave on the BNB Chain and contribute to the growth of the DeFi ecosystem as a whole.

Related Reading | Marathon’s Bitcoin Production Hits Record High In Q1 2023 With 41% Increase

Aave Proposes To Freeze BUSD Reserve Amid Uncertainty

by

The Aave community has initiated a proposal to freeze the BUSD reserve on the Aave V2 Ethereum market due to a lack of growth prospects and the inability to mint new BUSD. 

This may negatively impact peg arbitrage opportunities and asset peg. To address these concerns, the proposal suggests inviting users to switch to another stablecoin available on the Aave platform.

The recent developments between Paxos (minter of BUSD) and the SEC have led to Paxos discontinuing the minting of BUSD starting in April 2023. 

The circulating supply of BUSD will decrease over time, and this has presented the Aave governance with an opportunity to freeze the BUSD reserve on the Aave V2 Ethereum market.

From Zero to Freeze: The Future of BUSD on Aave V2

The proposal to freeze the BUSD reserve is motivated by the lack of prospects for growth and the inability to mint new BUSD, which might harm peg arbitrage opportunities and the asset peg. 

Aave believes that the most logical course of action is to freeze the reserve and encourage users to switch to other stablecoins available on the platform. The community has welcomed the proposal, with one member stating that it makes sense to freeze the asset as there is no more room for growth. 

Another member raised the point of considering the aBUSD in the treasury and whether it would be a good idea to swap them for another stablecoin on Curve or buy back Aave from the market to mitigate future risks.

Integration lead at Aave, Marc Zeller, responded by agreeing to swap BUSD for another stablecoin but noted that there is no particular reason for a depeg under $1 for BUSD and even the probability of a depeg above $1. 

He believes that it would be more efficient to include this in one of the future treasury management AIPs instead of creating a separate proposal for this purpose.

Nevertheless, the proposal to freeze the BUSD reserve presents the governance with an opportunity to mitigate risks and secure the stability of the platform. 

The standard governance process will be followed as there is no immediate risk to the protocol, and the community will keep a close eye on the situation and make decisions that are in the best interest of the platform.

Related Reading | Shiba Inu: Here’s What Is Brewing In The SHIB Ecosystem