Aave has deployed its V3 lending protocol on Monad and begun supporting 12 assets, including the GHO stablecoin.
On July 2 local time, Cointelegraph reported that the Monad Foundation will provide $15 million in incentives during the first 12 months after service activation.
The 12 supported assets at launch are USDT0, USDC, GHO, USDe, mUSD, AUSD, WETH, cbBTC, wstETH, weETH, syrupUSDC and sUSDe. The deployment applies Chainlink Smart Value Recapture from the start, a technology that returns part of the value generated during liquidations to the protocol.
The deployment expands Aave's multichain lending network. Monad users and developers can use existing lending markets, GHO and liquidity incentives. Monad is compatible with the Ethereum application environment, allowing existing Solidity contracts and Ethereum tools to be used without major changes.
The Monad Foundation will buy 10 million GHO and hold it for at least six months. The Aave DAO also allocated an additional 500,000 GHO as incentives to expand adoption of Monad.
Chi-gyu Hwang
delight@d-today.co.kr