TORONTO--(BUSINESS WIRE)--MetisDAO Foundation, an organization committed to building a robust and decentralized layer 2 infrastructure to power web3 enterprises, announced today that Aave Protocol V3 has now been deployed on Metis Layer 2 with overwhelming support from the Metis and Aave communities. By integrating the Aave V3 protocol for Metis markets, DeFi users will be able to take advantage of the combined benefits of Metis’ network speed and security and the Aave Protocol’s industry-leading features.
The deployment of Aave V3 to the Metis Layer 2 network will unlock new on-chain liquidity and DeFi capabilities for users across Aave and Metis. Aave V3 features can benefit the Metis ecosystem in several ways such as High-Efficiency mode for borrowing with less collateral, Supply and Borrow Caps for risk management, Siloed Borrowing for reducing contagion risks, Isolation Mode for increasing the pool of collateral assets, Cross-Chain Portals for accessing a wider range of DeFi solutions, Gas Optimization for reducing transaction fees, Modular Risk Controls for adjusting risk parameters, and DeFi Plug-and-Play for simplified integration with Aave V3.
“The integration of Aave Protocol V3 brings enhanced capital efficiency with valuable new security and risk mitigation features,” says Metis co-founder, Kevin Liu. “We’re excited to see the expansion of Metis Layer 2’s DeFi offerings for the Web3 Economy.”
Research indicates the total number of DeFi users increased by 35% from January 2022 to January 2023 – growing to 6.7 million users. This past month’s successful implementation of the Shapella upgrade on the Ethereum network has fueled further optimism in the future of DeFi. Recent studies predict that the global DeFi market will surpass $232 billion USD by 2030. As sentiment grows and more users explore the potential of DeFi, it’s critical they are able to participate in DeFi across platforms, with consistent speed, security, risk mitigation and industry-leading features.
The Aave Protocol is widely recognized as an industry-leading DeFi liquidity protocol with $ 5.5 billion in total value locked (TVL). The deployment of the Aave Protocol on Metis brings users of the Layer 2 network an established platform to supply and borrow cryptocurrencies.
For more information about Metis and its Smart Layer 2 solution, see: metis.io. Follow Metis on Twitter, and join the conversation on Discord.
To learn more about the Aave Protocol, please see: aave.com. Follow Aave on Twitter.
ABOUT METIS DAO
MetisDAO is an organization focused on building decentralized scaling infrastructure to power web3 enterprises, and accelerate the entirety of the Web3 economy. The MetisDAO infrastructure aims to empower all Web2 business models to seamlessly migrate to Web3. The MetisDAO technical framework is custom-built to provide scalable, secure, and user-friendly solutions to decentralized organization management and incentive alignment.
ABOUT AAVE PROTOCOL
Aave Protocol is a non-custodial, open-sourced decentralized liquidity protocol that enables users to supply and borrow crypto assets.
ABOUT METIS LAYER 2
Metis Layer 2 is a first-of-its-kind, user-friendly platform built to scale Ethereum and facilitate infrastructure development. The Metis Layer 2 is the core component of the Metis Stack, followed by the Reputation Power System, and the Decentralized Autonomous Company (DAC) Framework. The Metis Stack will provide the ideal environment for infrastructure development, day-to-day businesses, and other forms of open collaboration to take place.
When using Metis, users can rest assured that their transactions are being secured by Ethereum mainnet while uniquely inheriting the underlying benefits of Ethereum. Builders and users are truly interacting with, and secured by, Ethereum mainnet.