Echelon Chain, a debt-driven Move appchain, has been introduced by Echelon as a decentralized lending protocol on Aptos.
The Echelon team said on Nov. 28 that the appchain, which is based on Initia’s Interwoven Stack, uses Celestia’s modular blockchain technology.
Echelon Chain’s launch comes after the Echelon Roadmap’s publication, which highlighted $132 million in borrowed assets and over $100 million in total value locked.
The appchain is an example of Echelon’s effort to control the decentralized finance sector within the Move ecosystem.
The ecosystem benefits greatly from Echelon Chain’s integration of Initia’s Interwoven Stack, which includes native USDC, enshrined oracles, access to Celestia-native assets, and LayerZero onboarding.
The platform has a native liquidity hub, atomic cross-chain compatibility with Initia layer-1, and is built for managing debt and capturing modular assets.
Venture capital firms led by Amber Group, including Laser Digital, Saison Capital, Re7, Selini Capital, and Interop Ventures, contributed $3.5 million to Echelon’s seed round in August of this year.
The money was intended to hire full-stack and smart contract engineers, introduce cross-chain deposit vaults, and increase access to high-performance DeFi and real-world asset markets.
Later this year, Echelon’s public testnet will go live, and the mainnet debut will coincide with Initia’s rollout.
