Aave expands to Sonic's main network to deploy its V3 lending marketplace

March 3 - Aave has deployed its lending marketplace on the Sonic blockchain, its first Layer 1 expansion this year, according to The Block. The deployment, which was approved by an Aave governance vote, was proposed and facilitated by the Aave Chan Initiative.Formerly known as Fantom, Sonic, whose mainnet went live in December 2024, currently has over $700 million in Total Volume Locked (TVL) and offers a transaction fee sharing mechanism.

The expansion is backed by $15 million in funding from the Sonic Foundation, as well as 50 million Sonic Native Tokens ($S) and $800,000 in stablecoin liquidity incentives.