The latest version of the lending and borrowing protocol, Aave v3, has launched on the Celo platform, opening decentralized finance access to mobile users.
Aave v3 Integration with Celo
The integration of Aave v3 with Celo was approved by the Aave community and now allows Celo users to engage in lending and borrowing using CELO, USDT, and USDC as collateral. For borrowing, cUSD and cEUR are also available. This marks a significant step towards expanding access to financial tools for various communities and users worldwide.
Benefits of the Launch for Users
The launch of Aave on Celo has the potential to attract new users, particularly a mobile-first audience. It also presents opportunities for the use of stablecoins in simple transactions, connecting real-world assets to DeFi. 'Celo was built to provide individuals and communities worldwide with accessible, efficient financial tools,' said Isha Varshney, Head of Ecosystem, Celo Foundation. 'The deployment of Aave V3 is a major step forward in delivering on this mission.'
Expansion of Aave v3 to Other Platforms
Launched in March 2022, Aave v3 went live on the Ethereum mainnet in January 2023 and has been integrated with platforms such as Aptos, Avalanche, Polygon, Arbitrum, ZKSync Era, and Sonic. This demonstrates Aave's commitment to growth and adaptation within various blockchain ecosystems.
Despite the successful launch, both CELO and AAVE saw slight losses in price, reflecting the broader market downturn due to ongoing uncertainty related to trade tariffs.
