👻Aave x Cronos

Voting recommendation for Aave x Cronos Proposal

(Huge shoutout to RH Metagovernance rathermercurial#2096 for writing up the summary for Cronos and Cosmos!!!)

Summary:

This proposal has been created in an effort to deploy Aave on the Cronos blockchain. About Cronos: Cronos is an open-source project launched by Crypto.org that brings together many open-source initiatives of the Ethereum, Cosmos and IBC (Inter Blockchain Communication) ecosystems. At its core, it is a fully EVM-compatible alternative Layer 1 blockchain built using the Cosmos SDK (Ethermint implementation), and ran on .

Cronos mainnet has been live since November 2021 and is already home to more than 120 partners and more than 340,000 DeFi and NFT users. Cronos is powered by the CRO cryptocurrency, which counts tens of millions of holders and users worldwide thanks to its support by Crypto.com . All key network statistics can be viewed on the Etherscan deployment, called Cronoscan, as well as on Defillama for TVL data.

At the protocol level, Cronos relies on a Proof of Authority consensus where each validator’s voting power is proportional to their stake in the protocol’s staking token. There are currently 26 live validators, with room for more. The consensus delivers fast finality with block times between 5 and 6 seconds, low transaction fees (usually below 1 USD) paid in CRO token, and small environmental footprint.

In 2020 and 2021, hundreds of millions of consumers have purchased their first cryptos, the majority via a centralized exchange. Tens of millions of them are Crypto.com customers, holders of CRO or other tokens of the Cosmos ecosystem, and/or Crypto.org project supporters. These crypto users are now eager to take the next step in Web3. For these users, Cronos is a natural gateway into the broader world of self-custody, Ethereum and DeFi.

(Quoted from Aave Proposal) Links: Cronos:https://cronos.crypto.org/ Cronos Explorer:https://cronoscan.com/ Cronos TVL:https://defillama.com/chain/Cronos Crypto.com Coin:https://www.coingecko.com/en/coins/crypto-com-coin Cronos Github Repo:https://github.com/crypto-org-chain/cronos

About Cosmos Network:

Cosmos is a decentralized network of independent, parallel blockchains, each powered by Byzantine Fault Tolerant consensus algorithms which allows developers to deploy autonomous, application-specific blockchains in a secure and interoperable environment.

In other words, Cosmos is an ecosystem of blockchains that can scale and interoperate with each other. There are currently more than 262 apps and services in the Cosmos network, including Binance Chain, Terra, Crypto.org, and Cosmos Hub, with over $139 billion of digital assets under management. At the core of the Internet of Blockchains is the Cosmos Hub, the economic center of Cosmos, secured by its native ATOM token. The Cosmos Hub is designed to be a service provider to the chains that connect to it—a vast decentralized marketplace that provides a wealth of value-added services, such as shared security, a decentralized interchain exchange, bridges to Ethereum (ETH) and Bitcoin (BTC), and secure custodianship of digital assets.

(Quoted from Cosmos.Network) Links Cosmos:https://cosmos.network/ Cosmos Whitepaper:https://v1.cosmos.network/resources/whitepaper Cosmos SDK & Tendermint Node Architecture:https://docs.tendermint.com/v0.35/nodes/ $ATOM Coingecko:https://www.coingecko.com/en/coins/cosmos Cosmos Network Github Repository:https://github.com/cosmos

Proposal:

Snapshot:https://snapshot.org/#/aave.eth/proposal/0x5c732eb07a34717a926edde9c70131b307bfeb61be548ddae102ee7c92de5c95 Aave Governance Forum:https://governance.aave.com/t/arc-deploy-aave-v3-on-cronos-chain/7287

Aave on Cronos:

Aave on Cronos will bring advantages for all parties involved. With Cronos being the gateway to Web3 for many Crypto.com users, Aave has a chance to position themselves to be one of the first experiences these new users have in web3. Aave will likely gain many new users, while Cronos will gain a blue-chip defi protocol! Additionally, users will receive incentives for using Aave on Cronos, though the specifics on these incentives have not yet been determined. Cronos has proposed the following initial collaterals be available on Aave upon launch:

• CRO

• WETH

• WBTC

• USDC

• USDT

• DAI

• ATOM

• LUNA

• DOT

Cronos has also mentioned that they will provide incentives for Aave users on Cronos, but specifics are to be determined at a later date.

Recommendation:

I recommend that the Rabbithole Metagovernance pod vote ‘Yes’ on the proposal to deploy Aave onto Cronos. Cronos, being the gateway for users coming from Crypto.com, sees a lot of new users getting into web3 for the first time, and I believe it is important that they have access to reliable protocols from the very beginning of their journey. Giving new users a smooth transition into Web3 is one of the primary goals at Rabbithole, and is at the forefront of everything we do. Additionally, this proposal seems to align very well with Rabbithole’s values by way of inclusivity! This proposal also seems to be positive-sum, with Cronos getting a blue-chip defi protocol availability, Aave reaching millions of new users, and users having access to a secure reliable protocol in Aave (with some possible incentives for users as well!). Soon, this will also allow users to traverse to various chains of choice via: crypto.com→Cronos→Aave(Cronos)→Aave V3 Portals→Users Chain of choice.

Open Questions:

Feedback:

Execution status: Executed

Vote: Yes.

Community Vote

• 12 Y

• 1 N

Pod Vote

• 20 Y

• 1 N