Aave V3 to Deploy on Polygon zkEVM as Proposal Passes

The Aave community approved the deployment of the protocol on Polygon zkEVM in landmark vote.

little Aave ghost asking for a helping hand from the purple robot across the waters.
Created by Kornelija Poderskytė from DailyCoin
  • Aave V3 is set to deploy on Polygon zkEVM.
  • The proposal for the protocol to deploy on the Ethereum Layer-2 passed with an overwhelming majority.
  • Developers will initially deploy an MVP version of the protocol on the network.

Polygon Labs’ zero-knowledge powered Ethereum Layer-2 chain, Polygon zkEVM, has recorded multiple milestones and gained significant adoption since its launch in March 2023. 

With this adoption showing no signs of slowing, the ZK-powered Ethereum Layer-2 is now set to play host to one of the oldest and largest decentralized crypto lending platforms.

Aave To Deploy on Polygon zkEVM

Aave V3, one of the largest decentralized crypto lending platforms, is set to deploy on Polygon zkEVM as it moves to expand its DeFi reach.

Sponsored

The development follows the completion of a community vote on Tuesday, September 26, in favor of deploying the protocol on the Ethereum Layer-2. The poll ended with an overwhelming 99.99% in favor of the protocol deployment.

The overwhelming majority vote comes as no surprise, as a temperature check vote for Aave to deploy on Polygon zkEVM had passed with a similar conviction in March 2023.

Per the proposal, developers will initially launch a minimum viable product (MVP) version of Aave on Polygon zkEVM with three supported collateral assets, WETH, WMATIC, and USDC, with the latter as the only borrowable asset.

Sponsored

At the time of writing, Aave boasts a TVL of about $2.4 billion across nine chains, including Ethereum and the Polygon Proof-of-Stake (PoS) chain, according to Defi Llama data.

On the Flipside

  • The proposal does not specify a deployment date.
  • The deployment on Polygon zkEVM will initially support only a fraction of the assets available on networks like Ethereum and Polygon.

Why This Matters

Aave is one of the largest and most recognized decentralized crypto lending platforms. The move to deploy on Polygon zkEVM will likely bring further attention and the inflow of more capital to the protocol.

Read this to learn more about Polygon zkEVM’s steady growth:
Polygon zkEVM Hits 400K Unique Addresses Despite Dwindling Activity

Follow the discussion surrounding the Huobi hack:
Huobi Solvency Concerns Resurface as Sun Addresses $8M Hack

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.