$180M scheme launched to bring Aave and Curve to Avalanche

DeFi protocol users will receive liquidity mining incentives in the form of AVAX as part of the Avalanche Rush initiative.

Avalanche Foundation clearly Yesterday, we announced the launch of a $180 million liquidity mining incentive scheme called Avalanche Rush. The program will result in the deployment of decentralized finance (DeFi) protocols Aave and Curve on Avalanche.

This announcement is part of Avalanche’s mission to create a more accessible, scalable, and cost-effective DeFi ecosystem.the news follows release Last month we announced the Avalanche Bridge, which provides cross-chain interoperability.

Emin Gün Sirer, co-founder of Ava Labs, said:Avalanche Rush will be a showcase for users to see the power of Avalanche and dive into a vibrant community on the cutting edge of decentralized finance. The combination of Aave, Curve, and Avalanche creates a very interesting synergy that DeFi users will be excited about”

The first phase of Avalanche Rush will give Aave and Curve users liquidity mining incentives in the form of AVAX over a period of three months. The Avalanche Foundation allocated $7 million worth of his AVAX tokens to Curve users and $20 million to Aave users.

Aave founder Stani Kulechov commented:Avalanche consensus is well suited for building DeFi applications due to its scalability features, especially high throughput and near-instantaneous finality. By introducing the Aave protocol in Avalanche, users can take advantage of low transaction costs without compromising network security.”

Avalanche provides a fast and cheap environment for DeFi protocols. In the coming months, the second phase of Avalanche Rush will launch more DeFi protocols on the blockchain.

Curve Finance CEO Michael Egorov said:As DeFi grows in popularity, it’s clear that the Ethereum blockchain is currently struggling to keep up with all the activity. Therefore, it is important to extend to other chains and L2. Avalanche presents a great opportunity due to its unique decentralized consensus mechanism, high throughput and low transaction fees.”