• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
The Aave community approved the integration of the PYUSD stablecoin from PayPal

The Aave community approved the integration of the PYUSD stablecoin from PayPal

user avatar

by Max Nevskyi

2 years ago


The DeFi platform Aave's community has expressed support for the integration of the stablecoin PYUSD, issued by PayPal. This decision was backed by 99.99% of voting participants, ensuring the necessary quorum. The voting started on December 18 and concluded on January 11. The initiative emerged after the decentralized exchange Curve added PYUSD to its listing in December.

The proposal's author, Trident 15, explained that the integration fosters synergy between PYUSD and other assets, particularly with Aave's decentralized stablecoin GHO. It also implies maintaining high yields and creating demand for PYUSD loans on the AAVE platform. If approved, Trident 15 plans to contribute between 5 to 10 million dollars in liquidity to the pool.

PYUSD's market capitalization is 289.7 million dollars, marking a 71.9% growth over the last month. This asset ranks 12th in the stablecoin rankings, closing in on Paxos's USDP with a capitalization of 367.1 million dollars. Aave, in turn, is the third-largest DeFi project with a total value locked (TVL) of 6.26 billion dollars.

In November, the Aave Companies team, behind the development of the Aave DeFi platform, underwent a rebranding, changing its name to Avara. Earlier, Aave had suspended some operations due to a vulnerability discovery but assured that users' funds remained safe.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Morgan Stanley's New 602020 Strategy Aims to Combat Inflation

chest

Morgan Stanley's CIO, Mike Wilson, introduces the 602020 strategy, allocating 60% to stocks and 20% each to gold and equities to combat inflation and market volatility.

Мария Иванцова

BRICS Pay System Gains Global Interest

chest

The BRICS Pay system is gaining global interest, particularly from the EU, South America, and Africa, aiming to enhance payment mechanisms and financial access.

Diego Alvarez

Vitalik Buterin Defends Ethereum's Long Exit Times for Unstaking ETH

chest

Ethereum cofounder Vitalik Buterin defends long exit times for unstaking ETH, stating they are necessary to preserve trust in the network.

Kenji Takahashi

Pixelverse Expands to Web3 with New Arcade Launch

chest

Pixelverse is expanding its gaming platform by launching Pixelverse Arcade on the Ethereum layer 2 network, Base, and introducing a new game on Farcaster.

Maria Fernandez

Ethereum ETF Products Experience Withdrawals Amid Market Turbulence

chest

Ethereum ETF products faced significant selling pressure with $189 million in withdrawals amid market turbulence.

Rajesh Kumar

Pudgy Penguins NFT Trading Volume Increases

chest

The trading volume and sales of Pudgy Penguins NFTs have seen a significant increase over the past 24 hours.

Gustavo Mendoza

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.