Aave, the largest decentralized finance (DeFi) lending platform, is exploring the possibility of deploying on Spiderchain, a Bitcoin layer 2 blockchain. The initiative aims to assess community interest in enhancing the platform's capabilities within the emerging Bitcoin DeFi scenario. The proposal stems from Spiderchain's developer, Botanix Labs, which has designed the blockchain to ensure compatibility with Ethereum-based applications through the Ethereum Virtual Machine (EVM). This move comes at a time when Bitcoin has seen a significant price surge, exceeding $90,000, prompting increased exploration into the utility of Bitcoin within the DeFi landscape. Aave’s community will provide feedback, and any potential deployment will require careful consideration of security risks. However, no specific timeline has been set for the next steps in this process, amid broader market dynamics affecting Aave's token value, which has recently seen a decline following Bitcoin's price rise.

Source 🔗