The Aave community has initiated a vote on October 4 to add wrapped staked ETH (wstETH) to Aave v3 on the BNB Chain. According to the information on Snapshot’s governance page, the vote will conclude on October 5.
Expanding Options for Aave Users
This proposal aims to extend Aave’s influence on alternative blockchains and provide more options for users on the BNB Chain. By adding wstETH, users will have the opportunity to earn returns on their staked ETH while increasing Aave’s presence on the BNB Chain. The move would offer users a broader range of borrowing and collateralization options.
wstETH is one of the most popular tokens for collateral and borrowing on the Aave protocol, with over $4 billion deposited across different deployments and $100 million in borrowing. The addition of wstETH to Aave v3 on the BNB Chain is expected to expand the protocol’s user base and offer more staking rewards.
Implementation Roadmap
The proposal has been introduced through a direct Aave Improvement Proposal (AIP) vote, which first involves discussions on risk parameters within the community forum. Afterward, the proposal will go through an AIP vote for final approval. If accepted, wstETH will be activated on Aave v3 on the BNB Chain, allowing users to utilize the token as collateral. The smart contract address for wstETH on the BNB Chain has been revealed as “0x2Bbbdf97295F73175b12CC087cF446765931e1C3.”
Meanwhile, AAVE coin, the protocol’s native asset, has seen a 5.99% rise in the last 24 hours, trading at $148.03. The token has gained momentum, increasing over 15% in the past month while many altcoins struggled.
Aave, wstETH, BNB Chain, staking rewards, AIP proposal
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