Aave-Chan initiates proposal to deploy Aave v3 on Sonic

Aave DAO delegate and service provider Aave Chan Initiative launched a proposal to distribute Aave v3 on Sonic on the crypto lender’s governance forum.

Sonic Labs announced the mainnet launch of its layer 1 Ethereum Virtual Machine compatible blockchain, Sonic, on December 18th. The new governance proposal is seeking community support to allow for the integration of Aave (AAVE) v3, which is currently locked in on total value. $22 billion on the new L1 blockchain.

“This Temperature Check seeks community input regarding the deployment of Aave V3 on Sonic Mainnet,” said ACI, the author of the proposal.

The Sonic Foundation has committed to providing $15 million in funding, migration incentives, a native supply of up to 50 million Sonic token S, and 20 million USDC.

After interim checking, consensus will move the proposal to the snapshot stage, followed by Aave Request for Comments and Aave Improvement Proposal. The ARFC and AIP phases lead to a vote that will see final approval and distribution.

Sonic’s mainnet launch brings native token S, faster finality and fee monetization. Aave-Chan states in its proposal that this feature could be a great source of additional revenue for Aave.

“Given the impressive track record of the team creating Sonic and the innovations it promises, Sonic represents a strong candidate for distribution of Aave V3. In addition, fee monetization for apps has the potential to be an additional source of revenue for Aave,” the proposal states in part.

With Sonic live, Fantom (FTM) token holders can increase their FTM to S 1:1. The Sonic Labs team implemented a points system into the L1 network’s airdrop, where approximately 190.5 million S tokens were offered to eligible community members. FTM was trading around $1.16 at the time of this writing.