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USDS Launches on the Aave Network

Twitter icon  •  Published 2 months ago on October 3, 2024  •  Hassan Maishera

On Wednesday, Aave Labs announced via X that users can now supply and borrow USDS, the upgraded version of DAI, on Aave v3 Ethereum Main and Lido pools.

USDS Launches on the Aave Network

On Wednesday, Aave Labs announced via X that users can now supply and borrow USDS, the upgraded version of DAI, on Aave v3 Ethereum Main and Lido pools. This comes roughy a month after Aave launched the Sky Aave Force, an initiative that seeks to drive mass adoption and close the gap between DeFi and TradFi. 

Sky Aave Force proposed the integration of USDS and Savings USDS (sUSDS) on Aave V3 with native token rewards. The initiative also seeks to create a new Aave market for seamless interactions and exclusive rewards.

Aave protocol is a decentralized, open-source, and non-custodial money market protocol. Depositors earn interest by providing liquidity to lending pools, while borrowers can obtain overcollateralized loans by using the liquidity from these pools. AAVE is trading at $141.90 per token, down 5% in the last 24 hours.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.