A few weeks ago, Avalanche announced the introduction of about $180 million liquidity mining incentive program, which would oversee the addition of more assets and applications to its increasing DeFi community.
The program was tagged “Avalanche Rush” and was out to bring DeFi protocols Aave and Curve to launch on the Avalanche public blockchain. Avalanche Rush was to be combined alongside another recently launched program, Avalanche Bridge, which transfers assets between blockchains—according to the company, having both Avalanche Rush and Avalanche Bridge will bait both new and already established Defi projects and applications to pitch their tent on the Avalanche ecosystem. About 4180 Million Avalanche Coins were allocated to be distributed when Aave and Curve will launch on Avalanche.
Emin Gün Sirer, director of Avalanche Foundation, believes Avalanche Rush would help showcase how powerful the Avalanche blockchain is and help attract new users to the growing world of decentralized finance.
Reacting to the proposed launch, Stani Kulechov, CEO of Aave, said, “Avalanche consensus is well suited for building DeFi applications due to its scalability features, particularly its high throughput and near-instant finality. The deployment of the Aave Protocol on Avalanche will allow users to leverage low transaction costs without compromising the security of the network.”.
On his part, the CEO of Curve, Michael Egorov, noted that the growth of Defi has made it almost impossible for Ethereum to cater to the needs of all activities, and there is a need to expand. He said, “As DeFi becomes more and more popular, it becomes clear that Ethereum blockchain is currently struggling to fit all the activity. Thus, it is important to expand to other chains and L2s. We find Avalanche offering an excellent opportunity with its unique decentralized consensus mechanism, high throughput and low transaction fees.”
A recent tweet from Avalanche announced that Aave had been launched on Avalanche after waiting for a month. According to a tweet from Aave, at launch, the community guardians which are elected by Aave Governance will hold the admin keys to the Aave deployment on Avalanche. Afterward, they will then release the keys to Aave Governance. Also, users who have assets on Ethereum can now bridge them via Avalanche Avax to deposit on the Aave Protocol.
Curve Launches on Avalanche
Similarly, Curve took to its Twitter to announce its launch on the Avalanche ecosystem and also noting that work remains in progress. Curve community members see this launch as a step in the right direction, and blistering growth is expected in the community within the coming days.
Avalanche is one of the quickest smart contract platforms in the blockchain industry in terms of time-to-finality, and it has the most validators of any proof-of-stake protocol securing its activities.