[TEMP CHECK] Aave V3 Deployment on zkSync Era Mainnet

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The Aave community is considering deploying Aave V3 on the zkSync Era Mainnet, expanding into the zkEVM ecosystem and potentially attracting new DeFi users. Despite initial concerns about oracle compatibility, the proposal has passed the Temperature Check stage with 99% approval, and a risk assessment recommends a conservative launch with supply and borrow caps.

The Aave community has been actively discussing the potential deployment of Aave V3 on the zkSync Era Mainnet, a move initiated by Fig from Flipside Crypto1. This deployment would expand Aave's reach into the growing zkEVM ecosystem and potentially introduce new users into DeFi, reinforcing Aave's position as a top liquidity market1. The proposal, which has received support from the ACI and Matter Labs, suggests an initial deployment of USDC and ETH assets 1,2,3.

The community has been largely supportive of the proposal, with 0xkeyrock.eth and Omurovec expressing their approval 5,6. However, concerns were raised about the compatibility of oracles, as Aave relies on Chainlink oracles which are not yet deployed to zkSync Era6. This issue was addressed by UgurMersin and SA_Matterlabs, who confirmed that compatible oracles such as API3, Pyth, and Redstone are either currently available or will be soon 7,8. The proposal has since passed the Temperature Check stage with 99% approval and is ready to move to the ARFC stage10.

Risk assessment from Gauntlet, provided by Pauljlei, recommended the launch of Aave on zkSync Era with conservative supply and borrow caps11. The zkSync Era Chain currently has a total value locked (TVL) of approximately $261M, with the largest decentralized exchange (DEX) being SyncSwap11. SA_Matterlabs also mentioned that wBTC and USDT assets will be available on Era soon, and a strong pipeline of DeFi projects is set to launch on Era in the next 6-10 weeks14. This is expected to further increase the overall TVL and major assets such as ETH, stables, and LSDs14. The community awaits the final AIP, which will consider market and liquidity conditions for the final recommendations13.

Posted 8 months ago

Last reply 4 months ago

Summary updated 2 months ago

Last updated 03/12 14:23