Aave-Chan Initiates Proposal to Deploy Aave v3 on Sonic

Aave Governance Proposal Targets Sonic’s Mainnet Aave DAO delegate and service provider, Aave Chan Initiative (ACI), has proposed deploying Aave v3 on Sonic, a newly launched layer-1 blockchain. The initiative aims to harness Sonic’s Ethereum Virtual Machine (EVM) compatibility and fee monetization capabilities, paving the way for further innovations in decentralized finance (DeFi). Sonic Mainnet Launch and Funding Commitment Them Labs announced the mainnet of its blockchain on December 18, becoming one of the competitive layer-1 blockchains. Them Foundation pledged funding of $15 million, migration incentives, 50 million native Sonic tokens, and 20 million USDC in liquidity supply to support the integration of Aave v3 and make the transition seamless for users while ensuring a healthy ecosystem for Aave’s deployment. Stages of the Proposal and Community Feedback The proposed strategy from ACI is currently at the “Temp Check” stage, aimed at taking feedback from the Aave community. Based on consensus, the proposal will head towards the subsequent stages of governance: Snapshot vote, Aave Request for Comment (ARFC), and Aave Improvement Proposal (AIP). These stages are very necessary to ensure adequate assessment before final approval and deployment. This Temp Check is intended to gauge the community’s sentiment regarding the deployment of Aave V3 on Sonic Mainnet,” Aave deployer ACI said in the proposal. Prospective Benefits for Aave The key features of Sonic’s blockchain include faster transaction finality and fee monetization for applications. ACI points out that these innovations could bring in more revenue for Aave while improving the protocol’s usability. Them proven development team and unique capabilities make it an attractive candidate for deploying Aave v3, which currently holds over $22 billion in total value locked. Airdrop and Token Incentives Now them is live on mainnet, FTM holders can claim the native token of them, S, on a 1:1 basis. In addition to that, them Labs is airdropping around 190.5 million S tokens via a points system to eligible members of the community. Next Steps for the Proposal After community feedback, the proposal will go to formal voting. When approved, Aave v3 will deploy on Sonic-continuing Aave’s strategic deployment of its DeFi protocols on the leading edge blockchain ecosystems. Deployment on a newly developed blockchain represents a step into the strong collaboration of DeFi staples with rising blockchains.