Aave v3 Officially Launches on Celo, Bringing DeFi Access to Mobile Users
The highly anticipated launch of Aave v3 on the Celo platform has finally taken place, marking a significant milestone in the world of decentralized finance (DeFi). This integration not only expands access to DeFi services for Celo’s mobile-first user base but also paves the way for broader user adoption and growth.
Following the overwhelming approval from Aave’s community, the latest version of the lending and borrowing protocol, Aave v3, is now live on Celo. This move has been met with enthusiasm from both platforms, as it opens up a new realm of possibilities for users.
With this new integration, Celo users can now engage in lending, borrowing, and yield farming activities using their staked assets. Supported collateral assets include CELO, Tether (USDT), and USD Coin (USDC), providing users with a range of options to choose from. Additionally, borrowing options include cUSD and cEUR, further enhancing the platform’s versatility.
“Celo was built to provide individuals and communities worldwide with accessible, efficient financial tools, and Aave’s launch is a major step forward in delivering on this mission,”
said Isha Varshney, Head of Ecosystem at the Celo Foundation.
For Aave, the collaboration with Celo presents a unique opportunity to tap into a new user base, particularly mobile-first retail users. Celo’s focus on mobile accessibility aligns well with Aave’s goal of democratizing access to DeFi services.
“This deployment of Aave on Celo will potentially bring a large community of new people into the Aave ecosystem, reaching mobile-first users in emerging markets, connecting real-world assets to DeFi, and accelerating the use of stablecoins for simple transactions,”
said Stani Kulechov, Founder of Aave Labs.
Aave v3 was initially launched in March 2022 and later went live on the Ethereum mainnet in January 2023. Since then, it has been integrated with several other platforms, including Aptos, Avalanche, Polygon, Arbitrum, ZKSync Era mainnet, and Sonic (formerly known as Fantom).
Despite the positive news of the Aave-Celo integration, both CELO and AAVE tokens have experienced a slight decline of 0.25% and 1% respectively. This downturn is likely attributed to broader market fluctuations and uncertainties surrounding regulatory developments in the industry.