At the very least, the work of the incentive or brings the DeFi protocol to other blockchains. For example, as part of a $180 million blockchain incentive program called Avalanche Rush, automated market maker Curve Finance and leading DeFi lending project Aave has launched products on Avalanche.
This is the first time Aave has been ported to a non-Polygon network. Polygon is positioning itself as a scaling solution for Ethereum, the leading DeFi blockchain, especially TVL. According to DeFi Llama,
Aave is already number one in Total Value Locked (TVL) at $1.26 billion in Avalanche. Trader Joe, a decentralized exchange Avalanchenative (DEX), is only $180 million behind Aave on TVL. Curve finished fifth on TVL Avalanche with $274.26 million.
As of October 6th, Avalanche’s total TVL was $4.55 billion, more than 14 times the amount on August 18th, when Avalanche Rush was announced. The incentive program distributes the rewards in AVAX tokens on the blockchain to other lending protocols, such as Avalanchenative projects such as BENQi and Trader Joe and other blockchain-specific projects such as Ethereum. In addition to Aave and Curve, DEX, SushiSwap, and Kyber Network are also part of the Rush rewards program.
BENQi, a lending protocol, and Pangolin, a DEX, are the main applications of Avalanche. DeMeo told The Defiant that established brands, Aave and Curve, got attention, but most AVAX’s compensation would go to the Avalanchenative project. Many apps, such as Instadapp and Barnbridge, are already on the Avalanche Network.
Aave users will gain $20 million in AVAX Avalanche tokens, while Curve users will earn $7 million. With Aave’s distribution of Avalanche, the top credit reward is 4.59% on October 6th. This applies to those who contribute AVAX tokens to the protocol.
Aave users can provide liquidity, which the platform uses to lend to other users. On the site, borrowers must put up some collateral, and those who do so receive AAVE coins. So far, Aave has attracted more than 10,350 unique active wallets on Avalanche, which is suitable for a total of 125,290 transactions.
The Aave just launched on October 4th in Avalanche, but of course, it’s building a reputation. Arguably, Aave is one of the most popular protocols on the Ethereum blockchain, with over $12 billion locked in smart contracts. In April, Aave also launched on Polygon, and TVL is $1.75 billion.
Like the rest of the Polygon blockchain, the TVL Aave of this particular blockchain has decreased somewhat. TVL Aave was $3.5 billion in June and is currently hovering between $1.5 billion and $2 billion.
Three pools are available in Curve’s Avalanche deployment. The volume leader is a 3$ peg a token pool, representing deposits in the Aave credit pool. AToken Curve pool on Ethereum generated $5.4 million on October 6th, compared to $17.1 million for the pool on Bitcoin. The difference is that the Ethereum Curve distribution has 20 working pools.
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