CandleFocus Aave Gauges Community Interest for Expansion to Bitcoin Layer 2 Spiderchain
2024-11-15
Author: Content Editor
Decentralized finance (DeFi) lending platform Aave is considering deploying on the Bitcoin layer-2 network Spiderchain. Spiderchain's builder, Botanix Labs, designed the blockchain to be compatible with networks that use Ethereum Virtual Machine (EVM), enabling smart contracts. Aave is seeking feedback from its community through the Aave-Chain Initiative (ACI) to expand its lending platform on the Bitcoin DeFi environment, which currently has over $17 billion in total value locked. The goal is to bring functionality common in other parts of the crypto ecosystem to the Bitcoin blockchain. Aave's native token, AAVE, has dropped nearly 8% in the last 24 hours, likely due to the overall market pullback after Bitcoin's price surge.
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