Deploy Aave V3 on Fantom

Summary

Deploy Aave V3 on the EVM-compliant L1 network Fantom Opera.

Proposer

Michael Kong is the CEO/CIO of the Fantom Foundation, a core contributor to Fantom, and a long time Aave supporter.

Abstract

The Fantom Foundation is at the Aave community's disposal to help facilitate a deployment of Aave V3 on Fantom, an EVM compatible L1 chain with the 6th largest TVL according to DefiLlama.

Motivation

This proposal follows up on the original Fantom Launch thread on Aave Governance which received 99.74% support from the Fantom community.

Fantom has over $7bn TVL and is host of popular DeFi applications originating from Ethereum such as Curve, Yearn, and Abracadabra, in addition to homegrown apps such as SpookySwap, SpiritSwap, and BeethovenX.

The network TVL is growing fast, having had $5bn in October 2021, and a mere $0.14Bn a year ago.

The Fantom native token FTM is listed on major exchanges, has a Market Cap of $7.6bn, and a combined 24h Volume of $2.1bn according to CoinGecko.

Implementation

• Fantom supports multi-sig, subgraphs, chainlink and band oracles, among other common infrastructure, making a launch seamless.
• Upon launch, Aave would most likely be eligible for the Fantom Incentive program, where projects may receive up to 6,000,000 FTM vested monthly.
• The Fantom Foundation offers its team of engineers to help with any integration and infrastructure challenges or questions as they may arise.

References

Homepage: https://fantom.foundation Documentation: https://docs.fantom.foundation/ Source code: https://github.com/Fantom-Foundation Research: https://fantom.foundation/fantom-research-papers/

Acknowledgments

Special thanks to Marc Zeller (@lemiscate / @MarcZeller) and Emilio Frangella (@Emilio) for their support and initiative to act as facilitators to make this happen.