Avalanche Announces $180 Million DeFi Incentive Program
- Avalanche Rush was designed to target blue-chip DeFi applications.
- Aave and Curve will be the first two protocols to be integrated into Avalanche as part of the program.
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In a blog post published on 19 August, the Avalanche Foundation announced Avalanche Rush, a $180 million liquidity mining incentive program designed to target blue-chip DeFi applications and introduce them to the growing Avalanche DeFi ecosystem.
As part of the program, Aave and Curve will be launching on Avalanche. During the first phase of the Rush program, Avalanche’s native AVAX token will be provided as a liquidity mining incentive to Aave and Curve users over a three-month period. The Avalanche Foundation has allocated $20 million worth of AVAX for Aave users and $7 million worth of AVAX for Curve users, with additional allocations planned for the program’s second phase.
Stani Kulechov, the founder of Aave Companies, said Avalanche was well-suited for building DeFi applications and that deploying Aave on the blockchain will allow users to leverage its low transaction costs. Michael Egorov, the Chief Executive Officer at Curve Finance, echoed the statement, adding that Avalanche’s unique decentralized consensus mechanism makes it a great alternative to Ethereum.
“Avalanche Rush will be a showcase for users to see the power of Avalanche, and dive into a vibrant community at the cutting edge of decentralized finance,” said Emin Gün Sirer, Director at the Avalanche Foundation.
According to the company’s post, additional blue-chip DeFi protocols will be integrated into Avalanche as part of the Avalanche Rush program in the coming months.
- Versions 0.2.15, 0.2.16, and 0.3.0 of Vyper have malfunctioning reentrancy locks, which left smart contracts compiled with them vulnerable to reentrancy attacks.
- An estimated 460 contracts were compiled using these versions of Vyper which resulted in millions being lost to attacks, with Curve Finance reportedly losing $41 million.
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- The governance proposal to launch Aave v3 on the Ethereum network passed unanimously, with all participating AAVE token holders voting in favor.
- The third version of Aave will exist alongside v2, and will initially support seven assets, including wBTC, wETH, wstETH, USDC, DAI, LIMK, and AAVE.
- The temporarily frozen lending markets include YFI, CRV, ZRX,MANA, 1INCH, BAT, ENJ, AMPL, DPI. RENFIL, MKR, xSUSHI, sUSD, USDP, LUSD, GUSD, and RAI.
- In order to improve its risk management, the protocol will no longer allow users to deposit or take loans with them on the platform.