Aave, the largest decentralized lending protocol with about $23.5 billion in total value locked (TVL), has launched on X Layer, OKX’s Ethereum layer-2 blockchain. The integration makes X Layer the 21st chain to host Aave and enables OKX Wallet and X Layer users to lend, borrow and earn yield natively without bridging to another network.
X Layer, which launched in May 2024, currently holds roughly $25 million in TVL. The chain aims to compete in the crowded Ethereum L2 space by prioritizing scalability, offering average transactions around $0.0005 and one-second block times. OKX said the Aave deployment is a versatile expansion of its DeFi ecosystem that should benefit a broad range of X Layer users.
X Layer already supports several notable DeFi projects, including Uniswap for swaps, Chainlink for oracle services and Stargate for cross-chain transfers.
The launch follows a milestone for Aave: in late February the protocol surpassed $1 trillion in cumulative lending volume, an industry first. Aave operates on more than 20 chains, including Ethereum, Arbitrum and Base, and reports roughly $40.4 billion in net deposits. Its TVL of $23.5 billion is more than three times that of nearest competitor Morpho, and Aave generated over $6.2 million in revenue in the last 30 days—more than five times Morpho’s recent revenue.
Cointelegraph is committed to independent, transparent journalism. This article follows Cointelegraph’s Editorial Policy and aims to provide accurate, timely information; readers are encouraged to verify details independently. Read the Editorial Policy at https://cointelegraph.com/editorial-policy