Aave Labs Expands DeFi Reach with Sky Aave Force Proposal

• Aave Labs is pushing mass adoption with its Sky Aave Force proposal to integrate USDS and expand DeFi-TradFi connections.
• Aave’s on-chain activity has doubled, showing growing user engagement driven by new partnerships and innovative services.

Aave Labs continues to create headlines in the decentralized finance (DeFi) area, demonstrating impressive growth and ambition. According to crypto influencer Milk Road, Aave Labs presently leads the DeFi market with over 80,000 monthly active customers.

This outstanding figure, which already demonstrates the platform’s popularity, is poised to increase even more with the recent agreement with Sky Ecosystem. As Milk Road points out, there is enormous potential for user growth, and this collaboration could play a big role in expanding Aave’s reach.

‘ @Aave is dominating the DeFi space with over 80k monthly active users

Imagine where this number can go with their recent partnership with @SkyEcosystem 👀 pic.twitter.com/rL6Hayn8b7

— Milk Road (@MilkRoadDaily) September 3, 2024

Sky Aave Force: Bridging DeFi and TradFi for Mass Adoption

One of the most fascinating recent advancements is from Aave Labs itself. In a tweet, the platform introduced Sky Aave Force, a proposal to incorporate USDS and Savings USDS (sUSDS) into Aave V3. This would come with native token awards, offering additional incentives for users to interact with the site.

Furthermore, Sky Aave Force is aiming to create a new Spark/Aave market that will provide consumers with smooth interactions and distinctive rewards.

The overarching purpose of these initiatives is clear: Sky Aave Force aims to bridge the gap between decentralized finance (DeFi) and traditional finance (TradFi), hence encouraging widespread adoption. As Aave Labs stated in its tweet, “Now is the time to collaborate.”

On the other hand, CNF has reported that Aave Labs is considering the integration of BUIDL BlackRock, a program designed at improving the stability and yield of GHO, Aave’s native stablecoin. This development relates to Aave’s on-chain activity, which has recently increased significantly.

The “Skyward” solution streamlines DAO governance and is expected to increase efficiency in Aave’s decentralized structure. As we also pointed out, Aave’s on-chain activity doubled in terms of active addresses in August compared to the preceding three months, highlighting the platform’s increased participation.

Despite the strong momentum in terms of user activity and project growth, Aave’s native coin, AAVE, has had a minor setback. At the time of writing, AAVE is trading at $132.17, down 2.07% over the last 24 hours. This price decrease has reduced its market value to less than $2 billion.