Aave, a leading DeFi protocol, announced today the deployment of Aave V3 on Linea, a high-performance Layer 2 Ethereum scaling solution powered by Linea Association’s zkEVM technology, expanding Aave’s reach on zk-based rollups.
“The Linea deployment is a significant step forward for the Aave community and DeFi more broadly, providing users with fast, cost-efficient transactions, and expanding the userbase towards the Linea community,” said Stani Kulechov, founder and CEO of Aave Labs. “Linea’s zk-based technology allows Aave to scale effectively alongside Linea as its technology advances.”
“This collaboration leverages the best of both worlds: Aave's robust DeFi protocol and Linea's high-performance scaling solution. We look forward to working with Aave to make DeFi more accessible and efficient for everyone, especially for all MetaMask Card users." said Nicolas Liochon, co-founder of Linea.
Linea offers several short and longer-term advantages, making it an ideal platform for Aave. It boasts high throughput and fast finality, enabling efficient processing, reduced wait times, and lower gas fees, thereby enhancing the user experience. Additionally, initially developed by Consensys, it benefits from the strong brand alignment and awareness associated with its widely recognized web3 innovations such as MetaMask, enhancing positioning and integration opportunities.
Linea users will be able to leverage Aave's suite of decentralized financial products on a wider range of digital assets, with the specific asset listing to be determined by the Aave governance process. This allows Aave to cater to a broader user base and expand its offerings within the Linea ecosystem.
The deployment will be enabled by Aave contributors BGD Labs. To incentivize user participation and reward the Aave community, the Aave DAO has committed to redistributing any airdrops received from the Linea ecosystem. These rewards may take the form of liquidity mining incentives, support for GHO liquidity, investments in safety modules, or recognition through merit programs. Aave Chan Initiative (ACI) will oversee any liquidity mining campaigns associated with the deployment.
About the Aave Protocol
Aave is a non-custodial, open-sourced decentralized liquidity protocol that allows users to act as depositors and earn passive income, as well as borrow a wide range of digital assets without the need of third-party intermediaries. Core capabilities include risk mitigation features such as supply and borrow caps, and flash loans, which allow users to borrow and repay assets within the same blockchain transaction block. GHO is a decentralized, overcollateralized stablecoin that is native to the Aave Protocol. The Aave Protocol is fully governed by the Aave Decentralized Autonomous Organization (DAO). Visit Aave.com and https://governance.aave.com/ to learn more and take part in Aave Governance.
About The Linea Association
The Linea Association is an independent Swiss non-profit organization, dedicated to the development of Linea’s open-source technology and ecosystem, as well as its canonical instance, Linea Mainnet—a zkEVM Layer 2 built to scale Ethereum while preserving its security and decentralization. With a mission to grow Linea, the home network for the world, as an inclusive ecosystem, the Linea Association champions initiatives that drive network decentralization, community-led governance, and innovative applications that elevates the onchain experience for everyone.