PANews reported on March 3 that according to The Block, Aave has deployed its lending market on the Sonic blockchain, which is Aave's first Layer 1 expansion this year. The deployment was approved by Aave governance and was proposed and promoted by the Aave Chan Initiative. Sonic was formerly known as Fantom. The mainnet was launched in December 2024. The total locked volume (TVL) currently exceeds US$700 million, and it provides a transaction fee sharing mechanism.
The expansion is backed by $15 million in funding from the Sonic Foundation, as well as 50 million Sonic native tokens ($S) and $800,000 in stablecoin liquidity incentives.
