- The launch of Aave V3 on Metis follows community voting that began earlier this month.
- According to the Metis team, there are several ways that Aave V3 integration will benefit users of the ecosystem.
- V3 for the DeFi protocol is also on Avalanche, Polygon, Optimism, and Arbitrum.
Deployed Aave, a decentralized liquidity protocol, on the Metis platform to extend the Ethereum layer-2 layer, bringing a set of decentralized finance (DeFi) features and products to its ecosystem.
The launch on Metis Layer-2 follows a community proposal for a proof-of-know (zk) EVM, which enables Aave governance to activate the Aave V3 Metis pool by completing the initial setup and listing WETH, USDC, USDT, DAI, and METIS.
“Aave V3 protocol integration increases capital efficiency with valuable new features for security and risk mitigationMetis co-founder Kevin Liu said.
capital efficiency for users
The V3 integration brings many benefits to users of the ecosystem, with network speed and enhanced security. Users will also benefit from features such as lending and borrowing assets with less collateral.
This deployment will enable Metis’ efficient capital markets, a key component for building and sustaining the Web3 economy.
Users and builders will be able to enjoy DeFi syntax, fostering a more diverse, complete and collaborative ecosystem💚
– Metis 🌿 (MetisDAO) May 8, 2023
The launch of Aave V3 on Metis also means that DeFi users can now easily generate return across the various supported assets even while taking advantage of enhanced risk management tools and lower transaction fees through gas optimization. Overall, the integration brings more capital efficiency for Metis users and developers, as the latter also accesses key tools for decentralized application innovation.
Aave is a widely used DeFi protocol, with over $5.24 billion in total value locked (TVL), according to data from DeFiLlama.
The protocol version V3 was deployed to the Ethereum mainnet in January 2023 after successful launches on various Ethereum layer-2 protocols, including Polygon, Avalanche, Arbitrum, and Optimism.