Echelon, a decentralized lending protocol on Aptos, has launched Echelon Chain to strengthen the Move ecosystem's DeFi market.
Overview of Echelon Chain
The new appchain Echelon Chain is built on Initia’s Interwoven Stack, leveraging Celestia’s modular blockchain technology. The launch is accompanied by the Echelon Roadmap release, highlighting over $100 million in total locked value and $132 million in borrowed assets. This represents Echelon’s strategy to dominate the Move ecosystem’s DeFi market.
Technological Innovations
By integrating Initia’s Interwoven Stack, Echelon Chain offers several advantages, including LayerZero onboarding, access to Celestia-native assets, native USDC, and enshrined oracles. The platform is designed for debt management and capturing modular assets, offering atomic cross-chain composability with Initia layer-1 and a native liquidity hub.
Funding and Future Projects
In August this year, Echelon raised $3.5 million in seed funding from venture capital firms led by Amber Group. The funds are allocated for expanding access to high-performance DeFi and real-world asset markets, introducing cross-chain deposit vaults, and hiring smart contract and full-stack engineers. Echelon’s public testnet is scheduled for later this year, with its mainnet launch aligned with Initia’s rollout.
The launch of Echelon Chain is a significant step for Echelon, solidifying its presence in the Move ecosystem market, with extensive plans for DeFi sector improvements.
