Key Takeaways
- Aave has officially deployed in Sony’s Soneium blockchain.
- The AAVE token is trading up 16% at $295.55 in the past 24 hours.
- SEC Chairman Paul Atkins is considering a new “innovation exemption” framework for DeFi protocols.
One of Web3’s leading decentralized finance (DeFi) protocols Aave has deployed on Sony’s blockchain network, Soneium, bringing a major tech and liquidity boost with it.
This latest integration follows the Aave founder’s recent White House visit, which coincided with bullish news from the U.S. Securities and Exchange Commission (SEC) on DeFi innovation.
Soneium’s DeFi Boost
According to a press release shared with CCN, leading DeFi liquidity protocol Aave has deployed on Sony’s Ethereum Layer-2, Soneium.
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Launched in 2023 and developed by Sony Block Solutions, Soneium has sought to position itself as a consumer-focused network.
With hopes of onboarding millions to Web3 with purpose-built applications, as well as becoming the go-to gateway for on-chain entertainment, this latest integration marks a major step forward for Sony’s flagship Web3 project.
According to the release, Soneium has tallied over 133 million on-chain transactions across more than 6.6 million wallets.
Aave’s deployment will bring its market-leading liquidity tech, plus two stablecoins, Tether’s cross-chain USDT0, and bridged USD Coin (USDC.e), as well as Wrapped Ethereum (WETH), to Soneium.
Notably, Aave will also contribute 100 million Astar (ASTR) tokens as part of an ecosystem-wide liquidity boost.
Aave is moving fast. Over the past year, the protocol has integrated with around a dozen other networks, including the Trump-backed World Liberty Financial (WLFI), Binance’s BNB Chain, and Aptos.
White House Visit
The announcement comes shortly after the founder of Aave’s parent company, Avara, Stani Kulechov, visited the White House for a meeting with Bo Hines, the Executive Director of the Council of Advisers on Digital Assets.
According to Kulechov, the two discussed protecting U.S. DeFi innovation. Hines was Donald Trump’s pick to lead his crypto council and is a notable backer of the pending stablecoin legislation, the GENIUS Act.
With bullish sentiment flying, and Bitcoin now pushing toward $110,000, the AAVE token has relished 16% gains in the past 24 hours and is currently trading at $295.55 with a $4.49 billion market cap.
The news neatly ties in with a bullish statement from the U.S. Securities and Exchange Commission (SEC), which, under new leadership, is aiming to do a u-turn on the previous administration’s restrictive regulatory approach to crypto.
SEC on DeFi
Despite being one of the leading entities in the DeFi space, there’s still plenty of room for Aave to grow. And another crypto policy shift from the SEC could be Aave’s next major catalyst for change.
Recently, the SEC’s new Chairman, Paul Atkins, hinted at an “innovation exemption” for numerous DeFi protocols.
In short, Atkins posited that the system of securities regulation may not work when applied to decentralized ecosystems, as the current standards are based on regulating issuers and intermediaries.
In DeFi, many platforms operate without an operator or admin, just self-executing code. Instead, Atkins has asked staff to look into a new framework that would allow compliant firms to innovate and market innovative on-chain tech in the U.S.
