Aave founder hints at developing ‘Twitter on Ethereum’

twitter hits milestone with first ever profit
twitter hits milestone with first ever profit

Aave founder hints at developing ‘Twitter on Ethereum’ – Aave founder Stani Kulechov told his 90,000 Twitter followers on Saturday that his protocol should build “Twitter on Ethereum” after Jack Dorsey said he was developing a new Bitcoin (BTC)-centric financial services platform with striking similarities to Aave.

Dorsey tweeted Thursday that Square Inc., his mobile payment company, was creating a new business “focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.”

The tweet, which has received over 34,000 likes at the time of publication, indicated that Bitcoin would be the primary focus.

In his response, Kulechov implied that Dorsey’s business idea is similar to Aave, an open-source, non-custodial DeFi protocol that enables users to borrow assets and earn interest on deposits. While it’s not entirely clear whether Kulechov’s Twitter-on-Ethereum plan is serious, he said Aave co-founder Jordan Lazaro Gustave would lead the effort.

Aave has emerged as one of the most popular DeFi protocols on the market, with demand for its services growing even among traditional investors. As Cointelegraph reported, Aave has plans to launch a permissioned version of its platform for institutional investors this month.

Dorsey’s plan to bring DeFi to Bitcoin follows an announcement from early June that Square is exploring the development of an open-source BTC hardware wallet. The entrepreneur has reiterated the importance of self-custody and the need to onboard new crypto users through mobile technology.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.




About Sam Gabriel 1696 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

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