Fantom is an EVM-enabled open source blockchain with fast finalization and low transaction costs. Fantom supports openness and accessibility, which they implement thanks to a cross-chain strategy that corresponds to Aave’s principles. An example is the Multichain. xyz token bridge, which was launched with the help of Fantom engineers including Andre Cronje.
The Foundation has set up a FTM 370 million incentive program for developers to maintain rapid growth in the DeFi market. Aave will be eligible for incentive prizes once it meets the minimum TVL criteria used to help develop the protocol on Fantom, in particular by encouraging end users.
Aave is a fully decentralized lending platform that allows users to borrow, lend, and earn significant interest through crypto assets without intermediaries. Aave is a smart contract solution that allows these assets to be managed by a distributed network of computers running its software. It works on the Ethereum Blockchain. Aave customers do not have to entrust their money to any particular organization or person. They need to be confident that the code will work as expected.
Aave can also add new services such as quick loans and other means of issuing debt and credit that take advantage of the unique design capabilities of blockchains. Traders and investors believe that decentralized loans will continue to gain popularity due to the interest in AAVE.
The Aave system is one of the most active decentralized lending systems on Ethereum, with $ 158 million in total deposits as of July 2020. Compound and Maker, two other lending platforms with over $ 600 million in deposits, are competitors. If the user has correct Aave predictions then its use becomes easy and beneficial.
About the Fantom Foundation
Fantom is a cutting edge Blockchain technology that allows users to create non-fungible currencies and custom decentralized or DAPP applications. The Fantom Foundation aspires to build an infrastructure for a fascinating future while tackling the problems faced by previous Blockchain initiatives such as Bitcoin. Fantom’s goal is to develop ways to improve the security, speed, and scalability of cryptos.