Aave

Sonic

Aave DAO delegate and service provider Aave Chan Initiative has initiated a proposal on the crypto lender’s governance forum to deploy Aave v3 on Sonic.
Sonic Labs <a href="https://blog.soniclabs.com/sonic-mainnet-launch-evm-compatible-verifiable-10-000-tps-and-sub-second-finality/" target="_blank" rel="noopener noreferrer nofollow">announced</a> the mainnet launch of its layer-1 Ethereum Virtual Machine-compatible blockchain Sonic on Dec. 18. The new <a href="https://governance.aave.com/t/temp-check-deploy-aave-v3-on-sonic/20259" target="_blank" rel="noopener noreferrer nofollow">governance proposal</a> seeks community support that would allow the integration of Aave (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/aave/">AAVE</a>) v3, currently with a total value locked of over $22 billion, to the new L1 blockchain.
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 “This Temp Check seeks the community’s input on the deployment of Aave V3 on Sonic Mainnet,” proposal’s author ACI noted.
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Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/ethena-labs-proposes-collab-with-trump-backed-wlfi/"> Ethena Labs proposes collab with Trump-backed WLFI </a>
The Sonic Foundation has committed to providing $15 million funding, migration incentives, up to 50 million native Sonic tokens S and 20 million USDC supply.
Following the temp check, consensus will take the proposal to a snapshot stage, then Aave Request for Comment and Aave Improvement Proposal. The ARFC and AIP stages lead to a vote that will see final confirmation and deployment.
Sonic’s mainnet launch brings the native token S, faster finality and a fee monetization feature. Aave-Chan notes in the proposal that this feature could be a great source of additional income for Aave.
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 “Given the impressive history of the team building Sonic, and the innovations it promises, it represents a strong candidate for deployment of Aave V3. In addition, the fee monetization for apps has potential to be an additional income source for Aave,” the proposal states in part.
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With Sonic live, Fantom (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/fantom/">FTM</a>) token holders can upgrade their FTM to S 1:1. The Sonic Labs team applied a points system to the L1 network’s airdrop, with about 190.5 million S tokens available to eligible community members. FTM traded around $1.16 at the time of writing.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/ftm-soars-21-amid-sonic-mainnet-launch-hype/"> FTM soars 21% amid Sonic mainnet launch hype </a>

Aave-Chan initiates proposal to deploy Aave v3 on Sonic

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