Ethereum layer-2 protocols are becoming increasingly popular in the decentralized finance (DeFi) sector, with more and more projects deploying on these networks. One of the latest players to join the fray is liquidity protocol Aave, which has recently announced its deployment on the scaling network Metis.
Here are some of the most important things to know about this development:
1. Aave is one of the largest DeFi protocols in the market, with over $20 billion in total value locked (TVL) at the time of writing. The protocol allows users to lend and borrow a wide range of cryptocurrencies, and has been a major player in the DeFi space since its launch in 2017.
2. Metis is a layer-2 scaling solution for Ethereum that aims to provide faster and cheaper transactions for users. The network uses a combination of sidechains and off-chain computation to achieve this, and has been gaining traction in the DeFi space as a result.
3. By deploying on Metis, Aave will be able to offer its users faster and cheaper transactions, while also reducing the load on the Ethereum network. This is a win-win situation for both Aave and its users, as it will make the protocol more accessible and efficient.
In summary, the deployment of Aave on Metis is a significant development in the DeFi space, as it highlights the growing importance of layer-2 scaling solutions for Ethereum. As more and more projects deploy on these networks, we can expect to see increased adoption of DeFi protocols and greater accessibility for users.