Polygon’s DeFi Series- Aave
This series brings the views of top DeFi applications integrated on Polygon. We had time to sit down with the Aave team to learn more.
Please tell us more about your project and your team.
The Aave protocol is an open-source non-custodial decentralised liquidity protocol built on the Ethereum blockchain. It is the largest DeFi protocol in the world (by total value locked) and has a distributed team of over 70 people all over the world. The Aave protocol allows users to supply and borrow cryptoassets and earn yield on cryptoassets supplied to the protocol.
Where are we in the hype cycle for DeFi?
I don’t focus much on the hype cycle of DeFi; I prefer to focus on build cycles.. We spend all of our time building and perfecting the technology. There is a lot of innovation happening in the DeFi space which generates hype, but there are also lots of things yet to be built, and a lot of incredible talent that has yet to move from Web2 to Web3. There is always space for more innovation.
Who are some thought leaders you follow in the space?
I always love to keep up to date with Kain Warwick’s content and thought leadership. Kain always shares unique and topical opinions and is a great resource.
What are some best ways for newbies to get up to speed in the space?
I would encourage anyone new to the space to explore Crypto-Twitter, follow some of the great people on there sharing quality content and also to learn by doing — get a MetaMask wallet and start interacting with DeFi protocols to see how they work. But before ever engaging, reading and speaking to others involved in the space to understand how the technology works. There are also some great organizations doing some truly incredible work teaching the community about the world of Web3 and DeFi including Bankless by David and Ryan, SheFi by Maggie Love and Kernel by Gitcoin.
What is one thing that most people don’t know about your project?
Credit Delegation is an extremely powerful and currently under-utilised feature of Aave V2. Credit delegation allows for any supplier (who has provided crypto-assets and has the capacity to borrow on the protocol) to delegate their borrowing power to a smart-contract based DeFi strategy, a trusted ENS domain or other options. I look forward to seeing what the community builds with this feature as it can unlock a whole new market for liquidity.
What are the benefits of Polygon?
Polygon is one of the closest side-chains to Ethereum and is fully EVM-compatible with a secure Proof of Stake system. Polygon has a very vibrant developer community with a lot of fast-paced innovation and integrations, as well as an active and creative NFT ecosystem. Launching an Aave market on Polygon contributed greatly to kickstarting the DeFi ecosystem on Polygon and providing a solid source of liquidity for its users.
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium, etc, and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 500+ Dapps, ~567M+ txns, and ~6M+ daily txns.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.