DeFi leader Aave expands to OKX's X Layer, enhancing lending options on Ethereum's Layer-2.
Aave, the largest decentralized lending protocol, has launched on X Layer, OKX's Ethereum Layer-2 blockchain. This integration allows OKX Wallet and X Layer users to lend, borrow and earn yields directly on the platform, without needing to bridge assets to another chain.
X Layer, which debuted in May 2024, now hosts Aave alongside other DeFi platforms like Uniswap for swaps, Chainlink for oracle services and Stargate for cross-chain transfers. The blockchain offers low transaction costs at an average of $0.0005 and one-second block times, aiming to improve scalability in the crowded Ethereum Layer-2 market.
Aave's Growth and Milestones
Aave recently surpassed $1 trillion in cumulative lending volume, a first in the industry, and currently holds over $23.5 billion in total value locked. This figure is more than three times that of its closest competitor, Morpho, which has about $10 billion.
The protocol has integrated with more than 20 chains, including Ethereum, Arbitrum and Base, and boasts over $40.4 billion in net deposits. In the last 30 days, Aave generated over $6.2 million in revenue, far exceeding Morpho's figures.
According to an OKX spokesperson, this expansion benefits X Layer's user base by diversifying DeFi options. Aave's integration aligns with its ongoing growth, as evidenced by a near-unanimous DAO vote backing its V4 mainnet plan.
X Layer's total value locked stands at $25 million, and this addition could boost its adoption. Cointelegraph reported these details based on the announcement from OKX and Aave's metrics.