Echelon Chain Launches on Aptos with Move Appchain
Echelon, a decentralized lending protocol on Aptos, has recently unveiled Echelon Chain, a debt-driven Move appchain. This new appchain, developed on Initia’s Interwoven Stack, utilizes Celestia’s modular blockchain technology, as announced by the Echelon team on November 28th.
The launch of Echelon Chain comes on the heels of the release of the Echelon Roadmap, which showcases impressive metrics such as over $100 million in total value locked and $132 million in borrowed assets. With the introduction of Echelon Chain, the Echelon team aims to solidify its position as a key player in the Move ecosystem’s decentralized finance sector.
One of the key advantages of Echelon Chain is its integration of Initia’s Interwoven Stack, which brings a host of benefits to the ecosystem. These include LayerZero onboarding, access to Celestia-native assets, native USDC support, and secure oracles for reliable data feeds.
The platform is specifically tailored for debt management and the acquisition of modular assets, offering seamless atomic cross-chain composability with Initia layer-1 and a dedicated liquidity hub.
Earlier this year, Echelon successfully secured $3.5 million in seed funding from a consortium of venture capital firms led by Amber Group. Other participants in the funding round included Laser Digital, Saison Capital, Re7, Selini Capital, and Interop Ventures. The capital raised is earmarked for expanding access to high-performance DeFi and real-world asset markets, introducing cross-chain deposit vaults, and recruiting top-tier smart contract and full-stack engineers.
Echelon’s public testnet is slated for release later this year, with the mainnet launch aligning with Initia’s overarching rollout strategy. The introduction of Echelon Chain on Aptos marks a significant milestone in the evolution of decentralized finance on the platform, offering users a robust and efficient lending protocol within the Move ecosystem.