Aave Chan Initiative, a service provider and Aave DAO delegate has proposed deploying Aave v3 on Sonic on the crypto lender’s governance forum.
 On December 18, Sonic Labs declared that its layer-1 Ethereum Virtual Machine-compatible blockchain, Sonic, would go live on the mainnet.
In order to integrate Aave v3, which now has a total value locked of over $22 billion, to the new L1 blockchain, the new governance plan is looking for community approval.
The proposal’s author, ACI, stated that “this Temp Check seeks the community’s input on the deployment of Aave V3 on Sonic Mainnet.”
Up to 50 million native Sonic tokens S, $15 million in funding, migration incentives, and a supply of $20 million USDC have all been pledged by the Sonic Foundation.
After the temporary review, consensus will move the proposal to the snapshot stage, followed by the Aave Improvement Proposal and Aave Request for Comment.
Following the ARFC and AIP phases, there is a vote that will result in deployment and final confirmation.
The native token S, quicker finality, and a fee monetization mechanism are all part of Sonic’s mainnet debut. In the proposal, Aave-Chan points out that this feature might be a fantastic way for Aave to make extra money. The proposal states in part:
Given the impressive history of the team building Sonic, and the innovations it promises, it represents a strong candidate for deployment of Aave V3. In addition, the fee monetization for apps has potential to be an additional income source for Aave,”
Holders of Fantom tokens can upgrade their FTM to S 1:1 using Sonic Live. Approximately 190.5 million S tokens were made available to qualified community members as part of the L1 network airdrop, which was conducted by the Sonic Labs team via a points system. At the time of writing, FTM was trading at about $1.16.
