MetisDAO Foundation has announced that the Aave Protocol V3 has been successfully deployed on the Metis Layer 2 network, bringing new DeFi capabilities and unlocking on-chain liquidity for users across Aave and Metis.
This integration is expected to provide several benefits to the Metis ecosystem, such as High-Efficiency mode, Siloed Borrowing, Cross-Chain Portals, and DeFi Plug-and-Play.
The deployment of Aave V3 on Metis Layer 2 is a significant milestone for the Web3 economy.
Kevin Liu, co-founder of Metis, expressed excitement at the prospect of enhanced capital efficiency and new security and risk mitigation features that the Aave Protocol V3 brings to the Metis Layer 2 network.
With the total number of DeFi users increasing by 35% from January 2022 to January 2023, and recent successful upgrades on the Ethereum network fueling further optimism, the DeFi market is expected to surpass $232 billion USD by 2030.
As more users explore the potential of DeFi, it’s critical they are able to participate across platforms, with consistent speed, security, risk mitigation, and industry-leading features.
The Aave Protocol is a widely recognized DeFi liquidity protocol with $ 5.5 billion in total value locked (TVL). By deploying the Aave Protocol on Metis Layer 2, users of the network now have access to an established platform to supply and borrow cryptocurrencies.
The deployment of Aave V3 on Metis Layer 2 is a significant step towards building a robust and decentralized layer 2 infrastructure to power Web3 enterprises. The integration of the Aave Protocol V3 is expected to bring DeFi capabilities to a new level, offering users on the Metis network increased efficiency and risk mitigation.