Aave v3 has made its debut on Celo, enhancing DeFi access for Celo’s mobile-centric users and paving the way for greater user growth.
The newest iteration of the lending and borrowing protocol, Aave (AAVE) v3, has officially launched on Celo, following an enthusiastic endorsement from the Aave community.
This integration allows Celo (CELO) users to lend, borrow, and earn yields on their staked assets. Specifically, the deployment will accommodate CELO, Tether (USDT), and USD Coin (USDC) as collateral, while also enabling the borrowing of cUSD and cEUR.
“Celo was designed to offer accessible and efficient financial tools to individuals and communities around the world, and Aave’s launch marks a significant advancement in fulfilling this objective,” stated Isha Varshney, Head of Ecosystem at the Celo Foundation.
For Aave, the collaboration with Celo could attract new users, particularly those who primarily use mobile devices, as Celo is focused on mobile audiences.
“The deployment of Aave on Celo is likely to introduce a vast new community to the Aave ecosystem, reaching mobile-first users in emerging markets, connecting real-world assets to DeFi, and speeding up the adoption of stablecoins for straightforward transactions,” commented Aave Labs Founder Stani Kulechov.
Aave v3 initially launched in March 2022 and became available on the Ethereum (ETH) mainnet in January 2023. It has since been integrated with various networks, including Aptos, Avalanche, Polygon, Arbitrum, ZKSync Era mainnet, and Sonic (formerly known as Fantom).
Despite this positive announcement, both CELO and AAVE have seen declines of 0.25% and 1%, respectively, mirroring the broader market downturn amid ongoing pressure from tariffs affecting the industry.