The EthGlobal team is returning with a second edition of EthOnline and the HackMoney hackathon, following a successful event last year. Aave is delighted to be sponsoring the event once again and will be available throughout to offer assistance to developers.
This edition offers hackers three weeks to create their finest work on Aave and claim a portion of the 8,000 aUSDC prize pool!
Aave Journey – Just a Beginning
At the time of the previous edition in April 2020, Aave was a 50 million dollar Money Market Protocol and the community was investigating the applications of Flash Loans as well as discussing stable rate ideas.
Aave is currently valued at 1.8 billion dollars and features a Money Market Protocol with 20 different assets. A migration from LEND to AAVE is on the horizon, granting the Aave community full authority over the Protocol.
Four hundred million dollars of Flash Loans have enabled expeditious liquidations to promote a secure and robust DeFi environment, as well as arbitrage opportunities for more active markets.
Approximately one fifth of all loans via Aave are taking advantage of stable rates to shield borrowers from any sudden changes in the market.
However, we are still in the early stages of Aave’s development.
The imminent V2 revision of the protocol will provide an expanded arena for developers. The V2 structure is nearly identical to V1, so it should only necessitate minor alterations for projects generated during the hackathon to be converted to V2.
