The Aave community launched an ARFC (Aave Risk Framework Committee) proposal to integrate the wstETH token into the Aave v3 platform on BNB Chain on October 4. The voting process will be conducted via the Snapshot administration page and will end on October 5.
This offer increases Aave’s effectiveness across different blockchains, enabling BNB$BNB
The chain aims to provide more financial options to its users. The addition of wstETH will allow users to earn additional income from the ETH they stake. This development will strengthen Aave’s position on the BNB Chain and diversify the borrowing and collateralization processes.
The proposal was put to a community vote within the framework of the Aave Improvement Proposal (AIP) and the risk parameters were discussed in the community forum in the first stage. If approved, the wstETH token will be activated on the Aave v3 platform on the BNB Chain and can be used as collateral by users. The smart contract address specified for wstETH was announced as “0x2Bbbdf97295F73175b12CC087cF446765931e1C3”.
wstETH stands out as one of the most preferred collateral and debt tokens in the Aave ecosystem. Over $4 billion has been invested and $100 million in debt has been raised across Aave’s various distributions. Therefore, wstETH’s presence on the BNB Chain has the potential to expand the protocol’s user base and increase staking returns.
wstETH is a reliable collateral for Aave users
BNB Chain integration will provide transaction speeds and low fees
Decision will be made by community vote
AAVE coin has gained over 6% in recent days, reaching $148.03. It has outperformed other altcoins, gaining over 15% in recent months. This rise has strengthened Aave’s market position and increased investor confidence.