Aave founder points to the development of “Twitter on Ethereum”

Founder of Aave Stani Kulechov told His 90,000 Twitter followers on Saturday that his foundation should build “Twitter on Ethereum” after Jack Dorsey said he was developing a new centralized Bitcoin (BTC) financial services platform with striking similarities to Aave.

Of @Jack Aave will build on Bitcoin, Aave will build Twitter on Ethereum

– stani.eth rAAVE = (⬤_⬤) = (@StaniKulechov) July 17, 2021

Dorsey tweeted On Thursday, Square Inc., its mobile payments company, launched a new company focused on building an open developer platform with the sole goal of making service creation easier.

Square is launching a new company (with Seller, Cash App, and Tidal) focused on building an open developer platform with the sole goal of making it easier for you to create unregulated financial services. Our main focus is on #Bitcoin. His name is TBD.

– latch (@ latch) July 15, 2021

The tweet received over 34,000 likes at the time of publication, suggesting that Bitcoin will take center stage.

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

@JordanLzG will guide these efforts

– stani.eth rAAVE = (⬤_⬤) = (@StaniKulechov) July 17, 2021

Aave has become one of the most popular DeFi protocols on the market, with demand for its services growing even among traditional investors. As Cointelegraph reported, Aave plans to make a licensed version of the platform available to institutional investors earlier this month.

Connected: The funds tied up in Aave soar to over $ 20 billion amid Layer 2 coverage

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