Aave Gauges Community Interest for Expansion to Bitcoin Layer 2 Spiderchain
Summary
Aave, a leading DeFi lending platform, is exploring deployment on the Bitcoin layer-2 network Spiderchain. The Aave-Chain Initiative seeks community feedback on Botanix Labs' proposal to integrate Aave's $17 billion total value into Bitcoin's DeFi space. This move aims to extend common crypto functionalities to Bitcoin. Bitcoin's price recently hit an all-time high of $93,445, with a dominance of 61.38% in the crypto market. Spiderchain, developed by Botanix Labs, is compatible with Ethereum Virtual Machine protocols, enabling Ethereum-based applications to work with Bitcoin. Aave's token (AAVE) dropped nearly 8% amid a broader crypto market pullback.
