Aave has officially gone live on OKX’s X Layer, expanding its presence in decentralized finance (DeFi). The Ethereum layer-2 network receives its lending and borrowing services through this integration. The integration supports xBTC, xETH, xSOL, and USDT assets, which shows that both Aave and X Layer are gaining increasing momentum.
Aave Expands to OKX’s X Layer Network
In the latest development within the DeFi space, Aave, a leading decentralized lending protocol holding $23.5 billion in total value locked, is now live on OKX’s X Layer, an Ethereum layer-2 network. With this integration, users on OKX Wallet and X Layer can now lend, borrow, and earn yield directly on the network without needing to move their funds to another chain.
An OKX spokesperson said the move will help expand its DeFi ecosystem and benefit a wide range of users on X Layer. They noted, “This is a very versatile expansion of our DeFi ecosystem and as such should benefit the full range of customers we have on X Layer.”
Commenting on this major development, OKX founder Star Xu stated in an X post,
Unlocking Yield, Borrowing Features on X Layer
As noted by the crypto exchange, the integration of Aave on X Layer allows users to tap into secure on-chain yield opportunities without leaving the network. The system supports multiple assets, which include xBTC, xETH, xSOL, xBETH, xOKSOL, and USDT.
The system allows users to provide assets while they use their collateral to borrow USDT and simultaneously generate earnings. The system also enables users to perform DeFi functions as it maintains all operations within one complete system.
The system eliminates the requirement of transferring assets between different blockchains. In addition to basic lending and borrowing, users can also use BETH as collateral to borrow ETH, unlocking greater flexibility and improving capital efficiency across positions.
In response to this development, the AAVE token has seen a marginal uptick of nearly 1% in a day. However, the altcoin is still down by a massive 8.5% and 11% over the past week and month, respectively.
Source: https://coingape.com/aave-launches-on-okxs-x-layer-with-xbtc-xeth-xsol-and-usdt-support/
