This DeFi Blue Chip is Coming to Bitcoin with The RSK Market Proposal
“An Aave approach to the Bitcoin world” is what the DeFi Bluechip project is trying to achieve now.
The popular decentralized finance project announced this week that it is now coming to Bitcoin with a new proposal “for an RSK market on the Aave Protocol.”
“This is a huge step for expanding the DeFi ecosystem,” noted the team which launched Aave V2 last week, which saw its market size surpassing $35 million. The upgrade makes the project easier and cheaper to use, with its flash loan functionality also getting a revamp.
Following the launch of the latest version, the team proposed the ability to separately delegate proposal power and voting power —
“a major step in governance scalability as we believe the ability to assess proposals require different skills than those needed to make a smart contract proposal.”
Aave is the fourth largest DeFi project whose governance token AAVE continues to grow strong, trading at $76.28, with a whopping 4,147% year-to-date performance.
The project has $1.6 billion in TVL, with 432.5k ETH, 10k BTC, and 15.55 million DAI locked in it.
The proposal on Aave’s governance forum explains that for leveraging Bitcoin, they will be incorporating the RSK Market. This will be completely done by RSK devs, and integration has already been done with Chainlink, which will be used by Aave.
RSK’s full technology stack is built on top of Bitcoin, and its goal is to add value and functionality to the ecosystem of the largest cryptocurrency by enabling smart-contracts, near-instant payments, and higher-scalability.
Instead of a bridge, Aave proposes creating a Market, a new idea that incorporates new customers that are not using Aave. All new tokens already on RSK Marketplace natively will be brought along with the new proposal to increase the liquidity and opportunities for both companies. The team noted,
“We will bring to the table new customers that will bring new business and liquidity from the bitcoin world that look the DeFi platforms differently.”