Aave-Chan Proposes Deployment of Aave v3 on Sonic

Aave-Chan, a delegate and service provider of the Aave DAO, has initiated a proposal to deploy Aave v3 on Sonic, a newly launched Ethereum Virtual Machine (EVM)-compatible layer-1 blockchain. The proposal was presented on Aave’s governance forum, seeking community feedback on integrating Aave v3, which currently has a total value locked (TVL) of over $22 billion, onto the Sonic mainnet.

The Sonic Labs team announced the mainnet launch of Sonic on December 18, 2024, and is offering significant incentives for the deployment of Aave v3. The Sonic Foundation has committed $15 million in funding, as well as migration incentives that include up to 50 million native Sonic tokens (S) and 20 million USDC in supply.

Following this initial “Temp Check,” Aave DAO will move through the governance process, which includes a snapshot vote, Aave Request for Comment (ARFC), and the Aave Improvement Proposal (AIP) stages, eventually leading to a final community vote on the deployment.

Aave-Chan highlighted that Sonic’s features, including faster transaction finality and a fee monetization mechanism, could be beneficial to Aave by providing an additional income stream. The proposal emphasized Sonic’s innovative capabilities and the strong history of its development team as key reasons for considering the integration.

With the launch of Sonic’s mainnet, Fantom token holders are given the opportunity to upgrade their FTM tokens to S tokens on a 1:1 basis. Additionally, Sonic Labs has rolled out a points-based airdrop system with about 190.5 million S tokens available for eligible community members, further incentivizing participation. At the time of writing, FTM tokens were trading around $1.16.