In a partnership with MakerDAO, Aave Labs has launched Sky Aave Force to bridge the gap between decentralized finance and traditional finance, and drive mass adoption for DeFi.
Aave posted on X, “An initiative by @runekek and @stanikulechov, Sky Aave Force has an ambitious goal: to drive mass adoption and close the gap between DeFi and TradFi. Now is the time to work together.” The firm further wrote, “As @StaniKulechov says, DeFi protocols have matured, showing resilience and market fit. By working together, DeFi can become the backbone of all finance, enabling unprecedented access and propelling new use cases. We are no longer building on the sidelines; DeFi can empower all of finance.”
Turbocharging DeFi: Introducing Sky Aave Force pic.twitter.com/foY4LqQj6j
— Aave Labs (@aave) September 3, 2024
After the launch, Sky Aave Force has proposed integrating USDS and Savings USDS (sUSDS) on Aave V3 with native token rewards and creating a new Spark.Fi/ Aave market for seamless interactions and exclusive rewards. Additionally, MakerDAO has also come up with some proposals, including:
- sUSDS supplies on Aave V3 Main Market are eligible for the SPK pre-farming airdrop incentive program for 3.33m SPK tokens per month (50% of SparkLend).
- USDS D3M to Aave Lido Market with an initial debt ceiling of 100m to boost mass adoption.
MakerDAO’s proposal reveals that Aave protocol teams has agreed to split revenue from the sUSDS and USDS markets 50/50 with Spark. Considering Aave’s TVL that has crossed$12.34 billion, the proposals could provide a chance to explore synergies between Spark and Aave. After approval from the governance process is received, both proposals will be implemented at the next available opportunity after the USDS and sUSDS tokens launch on September 18th.
Aave’s market performance has also seen a boost in the past month with a jump of 21.70% . It is currently trading at $133.07.
Also Read: Aave DAO Launches Lido-Specific Market
