Aave Founder Signals Creation of ‘Twitter on Ethereum’

After Jack Dorsey announced that he was creating a new Bitcoin (BTC)-focused financial services network with uncanny parallels to Aave, Aave creator Stani Kulechov urged his 90,000 Twitter followers yesterday that his site should create “Twitter on Ethereum.” Square Inc., Dorsey’s mobile payment startup, announced on Thursday that it was launching a unique firm “centered on establishing an open developer infrastructure with the aim of making it easier to construct non-custodial, permissionless, and decentralized financial services.” Bitcoin will be the main emphasis, according to the tweet, which had over 35,000 likes at the time of publishing.

Kulechov suggested in his remark that Dorsey’s business concept is comparable to Aave, an open-source, non-custodial DeFi framework that allows users to loan assets while earning interest on deposits. While it’s unclear if Kulechov’s Twitter-on-Ethereum idea is real, he did say that Aave co-founder Jordan Lazaro Gustave would be in charge.

Aave has become one of the most widely used DeFi covenants, with need for its services increasing amongst most conventional investors. Aave aims to introduce a permissioned variant of its platform for institutional investors as soon as in July.

Dorsey’s proposal to introduce DeFi to Bitcoin comes after Square said in early June that it was looking into developing an open-source Bitcoin hardware wallet. The businessman emphasized the necessity of self-custody and the necessity for first-time crypto users to be onboarded via mobile technologies.