Aave

Aave, the largest decentralized lending protocol with $23.5 billion in total value locked, has launched on X Layer, an Ethereum layer-2 blockchain launched by crypto trading platform OKX.&nbsp;It marks a milestone for X Layer, a blockchain with just $25 million in total value locked, which launched in 2024. The integration would allow OKX Wallet and X Layer users to lend, borrow and earn yield without needing to bridge out to another chain.&nbsp;“This is a very versatile expansion of our DeFi ecosystem and as such should benefit the full range of customers we have on X Layer,” an OKX spokesperson told Cointelegraph.&nbsp;X Layer launched in May 2024 in a highly crowded Ethereum layer-2 market. Like many of its competitors, X Layer is focused on scalability, offering $0.0005 transactions on average at one-second block times.Other notable DeFi platforms integrated on X Layer include <a href="https://cointelegraph.com/news/uniswap-fake-ads-drain-user-wallets-hayden-adams" rel="noopener noreferrer nofollow">Uniswap for decentralized swaps, </a>Chainlink for <a href="https://cointelegraph.com/features/how-a-2-85-price-error-triggered-27m-in-liquidations-on-aave" rel="noopener noreferrer nofollow">oracle services</a> and Stargate for cross-chain money transfers.<h2 id="aave-recently-crossed-a-historic-milestone">Aave recently crossed a historic milestone</h2>The launch comes after Aave surpassed <a href="https://cointelegraph.com/news/aave-reaches-1-trillion-lending-volume" rel="noopener noreferrer nofollow">$1 trillion</a> in cumulative lending volume in late February, an industry first.The protocol currently holds about $23.5 billion in total value locked and operates across more than 20 chains, including Ethereum, Arbitrum and Base. It also has over $40.4 billion in<a href="https://cointelegraph.com/news/aave-founder-defi-tokenize-50t-abundance-assets" rel="noopener noreferrer nofollow"> net deposits</a>, compared with roughly <a href="https://tokenterminal.com/explorer/projects/morpho/metrics/net-deposits" rel="noopener noreferrer nofollow">$10 billion</a> on rival platform Morpho.Related: <a href="https://cointelegraph.com/news/aave-dao-backs-v4-deployment-near-unanimous-snapshot-vote" rel="noopener noreferrer nofollow">Aave DAO backs V4 mainnet plan in near-unanimous vote</a>The $23.5 billion figure is more than three times Aave’s closest competitor, Morpho, in the DeFi lending market.Aave has also taken in over $6.2 million in revenue over the last 30 days, more than five times that of <a href="https://cointelegraph.com/news/apollo-deepens-blockchain-play-enters-crypto-lending-via-morpho-partnership" rel="noopener noreferrer nofollow">second-place Morpho.</a>Magazine: <a href="https://cointelegraph-magazine.com/bitcoin-may-face-hard-fork-over-any-attempt-to-freeze-satoshis-coins/" rel="noopener noreferrer nofollow">Bitcoin may face hard fork over any attempt to freeze Satoshi’s coin</a>

DeFi lender Aave launches on OKX’s Ethereum L2, X Layer

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Cointelegraph

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