CandleFocus

Aave-Chan initiates proposal to deploy Aave v3 on Sonic

Author: Content Editor
Aave Chan Initiative, a delegate and service provider for Aave DAO, has proposed deploying Aave v3 on the Sonic blockchain. Sonic Labs recently launched its layer-1 Ethereum Virtual Machine-compatible blockchain. The proposal seeks community support for integrating Aave v3, which currently has over $22 billion locked in value, onto Sonic. The Sonic Foundation has committed to providing $15 million in funding and migration incentives. The proposal will go through several stages, including a snapshot, Aave Request for Comment, and Aave Improvement Proposal, before a final vote and deployment. The mainnet launch of Sonic brings its native token S, faster finality, and a fee monetization feature, which could provide additional income for Aave. Fantom (FTM) token holders can upgrade their tokens to S at a 1:1 ratio.

Related News