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The proposal to deploy Aave V3 on the Cronos chain, an Ethereum-compatible blockchain network, has been positively received due to Cronos' cross-chain future, fast finality, low transaction fees, and scalability potential. Key community members support the proposal, and the addition of AAVE as collateral has been agreed upon.
The discussion primarily revolves around the proposal by Kenxyz to deploy Aave V3 on the Cronos chain, a public blockchain that ranks 9th in terms of DeFi value locked1. Cronos, an Ethereum-compatible blockchain network built on Cosmos SDK technology, has been identified as an ideal platform for Aave V3 due to its cross-chain future, which aligns with the motivations of Cronos users1.
Cronos, an open-source project launched by Crypto.org, combines initiatives from the Ethereum, Cosmos, and IBC ecosystems. It has attracted over 100 partners and more than 340,000 DeFi and NFT users since its launch in November 2021. The network offers fast finality with block times between 5 and 6 seconds, low transaction fees paid in CRO token, and a small environmental footprint1.
The Cronos ecosystem is supported by over 100 contributors, validators, and Dapp developers, including two large AMM/DEXes, VVS Finance and MM Finance. The roadmap includes protocol and database optimizations, further connectivity and interoperability, best-in-class tooling and infrastructure, further protocol governance decentralization, dozens of DeFi and GameFi Dapps, and plans to increase scalability1.
The operations of Aave will rely on the Chainlink oracle and The Graph indexer. The Aave V3 Portal will leverage EVM-based cross-chain bridges for the transfer of assets backing aTokens1. Cronos supports a daily transaction volume of 150,000 to 200,000, with potential to increase by 5x to 20x in the short term. Over 75 Dapps have been deployed in the last 3 months1.
The proposed list of initial collaterals includes CRO, WETH, WBTC, USDC, USDT, DAI, ATOM, LUNA, DOT. Chainlink price feeds are being scheduled for deployment. Cronos already supports several cross-chain assets, with daily volumes of more than or close to 2 million dollars each1.
Particle B, the Web3 accelerator of the Cronos chain, has allocated USD 100 million in CRO tokens for ecosystem development. A portion of these funds will be allocated to end-user incentives1.
Cronos mainnet was launched in November 2021 and has not experienced outages so far. An audit of relevant components of the underlying Ethermint codebase was completed by Kudelski Security in November 20211.
MarcZeller and 0xEren expressed support for the proposal, citing the natural synergies between Cronos and Aave V3 and the potential benefits for both ecosystems 2,3. A_J suggested adding AAVE as collateral, a suggestion that Kenxyz agreed to implement 4,5.
In conclusion, the deployment of Aave V3 on the Cronos chain has been proposed and received positive feedback from the community. The Cronos chain's compatibility with Ethereum, its robust ecosystem, and its potential for scalability make it an ideal platform for Aave V3. The proposal has been supported by key community members, and the addition of AAVE as collateral has been agreed upon.
Posted 2 years ago
Last reply 2 years ago
Summary updated 2 months ago
Last updated 03/12 14:23