Aave x Plasma support just went live on DeFi Saver, enabling all Aave users on Plasma access to our signature DFS leverage management options and a lot more.
We’re excited to bring you yet another chain integration and announce the launch of Plasma x Aave support on DeFi Saver.
Plasma has boasted impressive liquidity and traction since its mainnet beta launch and native XLP TGE on September 25 this year. Not only that, but within the first 24 hours of the launch, Aave had already secured the spot as the dominant lending market on the chain, having obtained a TVL of $3.5 billion in deposits.
Without further ado, let’s go through a detailed breakdown of what Plasma is and what you can do on Plasma as a DFS user.
The story behind Plasma's 5B TVL
Plasma is a newly launched L1 blockchain purpose-built for stablecoins, offering full EVM compatibility, low-cost, and high-throughput transactions. At launch, the Plasma team committed to a starting stablecoin reserve of $2B, though the TVL soared to $5.56M on day one. Less than a month later, Plasma now reports a TVL of $5.246B and is the 5th largest chain by stablecoin liquidity and DeFi TVL.
This is to little surprise given the fact that the launch came after months of community-driven campaigns, aimed at establishing starting liquidity. Additionally, its appeal also lies in its native XLP token, as well as incentives and partnerships with Ethena, Pendle, Aave, Fluid, and Euler.
Plasma’s co-founder and CEO, Paul Faecks, describes stablecoins as “the single most interesting sector in all of crypto” and describes Plasma’s end goal to be “becoming the number one chain for stablecoins, so that we have the highest market share and then settling stablecoins on Plasma.”
What you can do with Aave x Plasma on DFS
Given that Plasma has been the fastest-growing Aave market ever, with the current TVL of $3.7B, we’re more than happy to announce it’s up and running on DeFi Saver.
This means you can now manage your Aave positions on Plasma using DFS, with access to a dedicated management dashboard, Boost & Repay leverage management tools, as well as the possibility to switch collateral and debts with ease.
Besides the Aave dashboard, you’ll also find our Exchange and Bridging dashboards. As you’d expect, all swaps on plasma are also done through meta-aggregation, with 0x and Kyberswap already available, and with 1inch, Odos, and Velora coming soon.
It’s worth noting that you might need to add the chain manually in your wallet app, or via Chainlink.
Feel free to check out Plasma now, via DeFi Saver. And if you have any trouble adding Plasma to your wallet app, or need any further assistance, don’t hesitate to contact our support guys on our Discord server.
Until the next post!👋🛟
