Thomas Daniels
A proposal to implement Aave v3 on Sonic, a recently released blockchain that is compatible with Ethereum Virtual Machines (EVMs), has been presented by the Aave-Chan Initiative (ACI), a significant delegate and service provider of the Aave DAO. In order to extend Aave’s decentralized finance (DeFi) activities onto the Sonic mainnet, this governance measure, which was described in a Temp Check on Aave’s forum, asks for community feedback.
The blockchain’s development team, Sonic Labs, declared that the mainnet would be live on December 18. By using its native coin, S, the project seeks to improve blockchain performance through quicker finality and a fee monetization mechanism. Given that Aave v3 presently has over $22 billion in total value locked (TVL), the platform and its stakeholders stand to gain a great deal from integration with Sonic.
The Sonic Foundation has made a significant financial commitment to help roll out Aave v3. A $15 million funding package, migration incentives, and allocations of up to 50 million Sonic tokens (S) and 20 million USDC are all included in the proposal. The purpose of this investment is to guarantee a seamless integration of Aave’s standards and to encourage adoption.
The proposal will move through a number of governance phases after the Temp Check, such as an Aave Improvement Proposal (AIP), Aave Request for Comment (ARFC), and a snapshot vote. A final vote to approve and carry out the deployment will follow these stages.
The proposal highlights the possible advantages of Sonic’s charge monetization feature, which might bring in more money for Aave. ACI cited Sonic’s robust development team and cutting-edge ecosystem as major arguments in favor of the deployment.
Fantom (FTM) token holders will have the opportunity to upgrade their tokens to Sonic’s native S tokens on a 1:1 basis in conjunction with the mainnet launch. The network has also started an airdrop, giving eligible community members access to around 190.5 million S tokens through a points-based system.
For both platforms, the planned implementation of Aave v3 on Sonic represents a turning point that might open up new avenues for expansion within the DeFi ecosystem.
