Aave v3 has officially launched on Celo, significantly enhancing DeFi accessibility for mobile-first users and paving the way for expanded user growth on the platform.
The latest iteration of the lending and borrowing protocol, Aave (AAVE) v3, received strong community support prior to its deployment on Celo.
This integration allows Celo (CELO) users to lend, borrow, and earn yield on their staked assets. The deployment will accept CELO, Tether (USDT), and USD Coin (USDC) as collateral, while cUSD and cEUR will be available for borrowing.
“Celo aims to provide accessible and efficient financial tools to individuals and communities globally, and the launch of Aave represents a significant advancement toward this goal,” stated a representative from the Celo Foundation.
For Aave, this partnership with Celo is poised to attract new users, especially those who are mobile-centric, as Celo focuses on serving mobile audiences.
“The deployment of Aave on Celo has the potential to draw a large influx of users into the Aave ecosystem, particularly from emerging markets, while facilitating the connection of real-world assets to DeFi and promoting the use of stablecoins for straightforward transactions,” commented a founder from Aave Labs.
Aave v3 was initially launched in March 2022 and became live on the Ethereum (ETH) mainnet in January 2023. It has since been integrated with various platforms, including Aptos, Avalanche, Polygon, Arbitrum, ZKSync Era mainnet, and Sonic (formerly known as Fantom).
However, despite this exciting update, both CELO and AAVE experienced declines of 0.25% and 1% respectively, reflecting the broader market downturn amid ongoing industry challenges.
