In Brief:
- The Avalanche Foundation allocated up to $20M AVAX for Aave and $7M AVAX for Curve users.
- Avalanche continues integrating additional blue-chip DeFi protocols on the platform.
The Avalanche fastest smart contracts platform has introduced Avalanche Rush. Avalanche Rush a $180M liquidity mining incentive program to announce more applications and more assets to its growing DeFi ecosystem.
According to the announcement, Avalanche Rush includes Aave and Curve, the two largest DeFi protocols. The Avalanche Foundation allocated up to $20M AVAX for Aave and $7M AVAX for Curve users over three months. Additional allocations are planned in the coming months. Deploying Aave and Curve boost high speed, low cost, and more diverse DeFi offerings on Avalanche public blockchain.
The Rush programs follow the launch of the Avalanche Bridge, a next-generation cross-chain bridging technology that transfers assets between blockchain. Cross-chain bridging is allegedly five times cheaper, faster, and more secure.
“Avalanche consensus is well suited for building DeFi applications due to its scalability features, particularly its high throughput and near-instant finality,” said Stain Kulechov, founder of Aave companies.
“As DeFi becomes more and more popular, it becomes clear that Ethereum blockchain is currently struggling to fit all the activity. Thus, it is important to expand to other chains and L2s,” said Michael Egorov, CEO of Curve Finance. He further added, “We find Avalanche offering an excellent opportunity with its unique decentralized consensus mechanism, high throughput and low transaction fees.”
AAVE and Curve On Avalanche
With upcoming launches with Aave and Curve, Avalanche continues integrating additional blue-chip DeFi protocols on the platform. Aave allows users to supply and borrow cryptoassets and earn interest on cryptoassets supplied to protocols. The curve allows avalanche users to exchange stablecoins with low fees and low slippage.
“The deployment of the Aave Protocol on Avalanche will allow users to leverage low transaction costs without compromising the security of the network,” said Stani Kulechov, founder and developer of the Aave.
The Avalanche has also allocated a portion of incentive reward specifically for current and future native Avalanche applications. Additional information regarding the native ecosystem incentive process will be forthcoming.
