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Michigan_Blockchain has proposed deploying Aave V3 on Celo to expand Aave's real-world lending and green asset collateral globally, fostering growth and collaboration between Aave and Celo communities. The Celo Foundation has committed to incentivizing Aave users with 0.5% of the CELO circulating supply, and the proposal, which includes WETH, USDC, CELO, and cUSD as collateral, has received positive feedback from the community, indicating potential for significant growth and collaboration.
The discussion primarily revolves around the proposal by Michigan_Blockchain to deploy Aave V3 on Celo, a move aimed at expanding Aave's real-world lending and green asset collateral to a global user base. The deployment is anticipated to foster growth and collaboration between the Aave and Celo communities, opening up new opportunities for both ecosystems. The unique value proposition of the Celo ecosystem, which includes real-world usage and ReFi, is expected to bring mutual benefits to both Aave and Celo.
The Celo Foundation has committed to allocating 0.5% of the CELO circulating supply as an incentive for Aave users, a move that is expected to support adoption and bootstrap growth on Celo. This deployment is also expected to attract new users to the Aave platform and extend its reach to more users within the Celo community. The Celo Foundation has also offered to support Aave DAO in setting up a verified node for the Celo network, subject to technical requirements and community voting.
The ARFC has suggested deploying Aave V3 on Celo with WETH, USDC, CELO, and cUSD as collateral. The proposal by Michigan_Blockchain also includes a stable to total debt ratio of 20.00% and flashloanable assets, but does not include siloed borrowing or borrowed in isolation. The next steps involve integrating the BGD Labs Infrastructure/technical evaluation report, refining the ARFC based on community feedback, and submitting the ARFC for a snapshot vote for final approval. If consensus is reached, a deployment AIP will be submitted to activate Aave V3 on Celo.
The proposal has received support from Deepcryptodive, a long-term Aave user and DeFi builder on Celo, who highlighted the potential large-scale use cases in the Celo ecosystem. ChaosLabs has also provided initial recommendations and will provide updated recommendations after the technical evaluation and closer to launch, reflecting up-to-date liquidity and market data. The discussion indicates a positive outlook towards the proposed deployment of Aave V3 on Celo, with potential for significant growth and collaboration between the two ecosystems.
Posted 4 months ago
Last reply 3 months ago
Summary updated 2 months ago
Last updated 09/12 13:52