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Decentralized Finance Money Market Protocol Aave Launches on BNB Chain

February 23, 2024

The top lending platform in decentralized finance (DeFi) is now on the BNB Chain.

In a thread on social media platform X, BNB Chain says money market protocol Aave (AAVE) is now integrated into its network.

“We’re thrilled to announce that Aave, the largest DeFi money market protocol, has officially joined the BNB Chain ecosystem.

Aave’s integration is powered by strong governance support from the community. This aligns with BNB Chain’s commitment to decentralized decision-making, putting the power in the hands of the users.”

Aave is currently the largest DeFi lending protocol with $8.598 billion in total value locked (TVL), according to DeFi data aggregator DeFi Llama.

With its launch on the BNB Chain, Aave joins the roster of DeFi platforms in the blockchain’s ecosystem, which include Uniswap (UNI), Ambit Finance (AMBT), PancakeSwap (CAKE) and Lista DAO.

BNB Chain says the development will benefit the users of both Aave and its network.

“With Aave on board, BNB Chain users gain access to a leading lending platform and enhanced liquidity. FDUSD ensures robust liquidity from day one, enabling users to dive into a world of DeFi possibilities.

Aave users now enjoy BNB Chain’s competitive fees and seamless integration with one of the largest DeFi ecosystems; creating new opportunities and synergies between the two communities.”

AAVE and BNB see modest price jumps following the announcement. BNB is currently worth $382.15, up by 1.01% over the past 24 hours, while AAVE is changing hands for $92.45, up by 0.50%.

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