Founder Of DeFi Protocol AAVE Hints At Building Twitter On Ethereum – Square (SQ)

What Occurred: Decentralized cryptocurrency lending platform Aave (CRYPTO: AAVE) may contemplate constructing a model of social media platform Twitter on the Ethereum (CRYPTO: ETH) blockchain.

Over the weekend, Aave’s founder Stani Kulechov mentioned in a tweet that since Sq. Inc (NASDAQ:SQ) and Twitter (NASDAQ:TWTR) CEO Jack Dorsey announced plans to construct a brand new fintech, with evident similarities to Aave, on the Bitcoin (CRYPTO: BTC) blockchain, Aave ought to contemplate constructing a Twitter on Ethereum.

Kulechov added that his co-founder Jordan Lazaro Gustave would lead the trouble to construct it.

Why It Issues: Though it’s unclear whether or not Kulechov’s intentions are totally critical, his feedback seem to have stemmed from the truth that Dorsey’s proposed monetary companies firm resembles Aave’s functionalities.

Aave is decentralized finance (DeFi) platform that permits customers to borrow and lend in over 20 completely different cryptocurrencies.

The DeFi platform has gained a robust supporter in billionaire investor Mark Cuban, who talked in regards to the challenge extensively on his blog and appeared to have a sizeable quantity of AAVE tokens in his portfolio.

AAVE seems like a financial institution, nevertheless it’s not mentioned Cuban in a weblog publish earlier this yr.

Learn additionally: Jack Dorsey’s Square Announces New Fintech Company With ‘Primary Focus On Bitcoin’

“Aave is a very automated, permissionless platform the place there are not any bankers, no buildings, no toasters, no vaults, no money, no holding your cash, no varieties to fill out, no credit score scores concerned. Every little thing is managed by sensible contracts. It’s totally automated,” he mentioned.

“Automated Monetary Market Makers are a lot extra capital and operationally environment friendly than comparable conventional corporations. Banks needs to be scared.”

Value Motion: AAVE was buying and selling at $234 at press time, down 10.49% over the previous 24-hours.

The crypto token has misplaced 64% of its worth since its all-time excessive forward of $666 in Might.

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