Aave Labs and Sky (Formerly MakerDAO) Team Up for DeFi Advancement
CryptoNewsTerminal Staff02 Sep, 2024
Aave Labs and Sky (Formerly MakerDAO) Team Up for DeFi Advancement
Aave Labs, the company behind the popular decentralized lending protocol Aave, has announced a new initiative in collaboration with Sky (formerly MakerDAO). This initiative, dubbed "Sky Aave Force," involves several key components: - Support for USDS on Aave V3: Aave's latest version, V3, will support Sky's new stablecoin, USDS, which is set to launch on January 18th. This integration will allow users to borrow, lend, and earn interest on USDS within the Aave ecosystem. - Cross-Chain Market between Aave and Spark: Aave and Sky's DeFi lending protocol, Spark, will launch a cross-chain market. This market will facilitate the transfer of assets between the two protocols, enabling users to access a wider range of lending and borrowing opportunities. This partnership marks a significant development in the DeFi space, as it brings together two of the industry's leading protocols. By combining their expertise and resources, Aave Labs and Sky aim to enhance the accessibility, efficiency, and innovation of DeFi lending.
