Solana welcomes Aave V3 deployment on Neon EVM

A variety of markets exist on Solana, but none have the time-tested security and brand recognition of Aave, the leading blue-chip lending protocol on Ethereum.

Utilizing its brand as a competitive edge in Solana, Aave DAO approved by consensus of 83% to conduct temperature checks in January and deploy the minimum viable version of their V3 isolated currency market via Neon EVM, a fully compatible Ethereum development environment on the Solana blockchain.

Last Wednesday, a community-generated proposal appeared in the governance forum of the popular EVM-based perpetual contract trading platform GMX, seeking to establish an independent exchange deployment on Solana called GMSOL.

The GMSOL implementation will exclusively use GMX tokens for all value measurements and storage, while also implementing a GMX buyback mechanism and allocating a significant portion of fees back to the GMX treasury to establish the GMSOL treasury.

In exchange for this new native deployment on Solana, GMX DAO is expected to bear all expenses related to protocol audits and grant a license to replicate and use their frontend code.

In addition, speculation is rife that two leading Ethereum projects, Athena and Pendle, will deploy to Solana in the near future, both of which have flourished in the volatile crypto rate environment in recent months.

Long-term Development Outlook

Applications serve users, not blockchains, and while many blue-chip protocols should have a high standard when considering new deployments, it would be foolish if they did not surge towards users and the environment in which activity exists.

In a network without protocols, users will inevitably seek alternatives, putting the dominant market share of existing applications at risk – especially when their chain starts ceding market share to competitors.

Ethereum and Solana have adopted radically different scaling approaches, the former choosing network shards to allow everyone to operate validators, while the latter tends to consolidate usage into a single-layer unified state. While a greater degree of decentralization at the validator level helps maintain the integrity of the Ethereum network, it certainly has some drawbacks, making Solana's blockchain replacement vision highly attractive in some respects.

Currently, the cryptocurrency is still in its experimental stage, which means we don't really know what our emerging industry will look like in 10 years. However, just as investors can diversify their portfolios cautiously to reduce risk, applications can diversify their deployments to maintain their market share.

Developers seeking maximum success must recognize that the future of finance is not necessarily centralized, and they should deploy their applications accordingly, whether it's on Ethereum, Solana, or even EVM Frankenchain Monad, or the bank-operated regulatory settlement network!

The crypto industry must bridge the vast uncertainty chasm to go from infancy to the final state, achieve real adoption, and bring trillions of dollars of traditional assets onto the chain.

Until then, application developers who succumb to blind chain loyalty will leave money and market share on the table.

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