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Home BUSINESS

Aave to Potentially Integrate Version 3 with Coinbase L2 Base Network

BlockNews Team by BlockNews Team
May 24, 2023
in BUSINESS, CRYPTO, DEFI, TECHNOLOGY
Reading Time: 2 mins read
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The Aave community is evaluating a proposal to integrate Aave V3, the third major version of the Aave open-source liquidity pool, with the Base network. Base is a Layer 2 blockchain supported by Coinbase. This integration is expected to unlock lucrative income prospects for Aave by leveraging Base’s features and the expansive Coinbase ecosystem. 

By integrating with Base, Aave aims to tap into a large user base, access diverse assets, and benefit from seamless Coinbase integrations, fiat onramps, and a range of products. 

The Aave community, renowned for its popular crypto lending protocol, has already opted to expand the V3 codebase across other prominent L2 networks like Arbitrum, Metis, and Optimism. The proposal to integrate with Base aligns with Aave’s strategy to maximize growth and user adoption. 

Currently, a temperature check vote is underway to gauge community sentiment. If the idea is favorable, the proposal will advance to subsequent stages involving in-depth discussions, risk parameter evaluations, network analysis, and finalization. 

Base Network and its Growth Potential 

Base is an open-source L2 EVM blockchain built on the MIT-licensed OP Stack, nurtured within Coinbase. It serves as a home for Coinbase’s on-chain products and a platform for permissionless development. 

Designed to be secure, cost-effective, and scalable, Base offers faster and cheaper transactions than the Ethereum mainnet. As a result, the network has garnered significant attention, with 18,000 developers deploying 55,000 smart contracts on its testnet. This robust developer activity signifies promising growth potential for Base. 

Revenue Opportunities for Aave 

Integrating Aave V3 with Base presents attractive revenue opportunities for the lending protocol. By leveraging the Coinbase ecosystem’s vast user base of 110 million customers and $80 billion in assets, Aave can expand its reach and capture new markets.

The proposal emphasizes the value of seamless Coinbase integrations, fiat onramps, and the ability to leverage Coinbase’s distribution channels and products. Additionally, this integration could introduce DeFi and Aave to a broader audience, contributing to the protocol’s overall growth and adoption.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: AaveBaseCoinbaseL2
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