DeFi Comes to Mobile-First Users with Aave v3 Launch on Celo

Aave v3 has officially launched on Celo, enhancing DeFi access for Celo’s mobile-centric users and paving the way for expanded user growth.

The latest iteration of the lending and borrowing protocol, Aave (AAVE) v3, has just been introduced on Celo, following a strong endorsement from Aave’s community.

This integration allows Celo (CELO) users to lend, borrow, and earn yield on their staked assets. Notably, the deployment will accept CELO, Tether (USDT), and USD Coin (USDC) as collateral. For borrowing, it will include cUSD and cEUR.

“Celo was designed to provide individuals and communities around the globe with accessible and efficient financial tools. The launch of Aave marks a significant advancement in fulfilling this objective,” stated Isha Varshney, Celo Foundation’s Head of Ecosystem.

For Aave, collaborating with Celo presents an opportunity to attract new users, particularly those who are mobile-first retail investors, as Celo is predominantly focused on mobile audiences.

“The deployment of Aave on Celo is likely to draw a large community of new users into the Aave ecosystem, reaching mobile-first audiences in emerging markets, linking real-world assets to DeFi, and accelerating the use of stablecoins for straightforward transactions,” remarked Aave Labs Founder Stani Kulechov.

Aave v3 debuted in March 2022, with a launch on the Ethereum (ETH) mainnet occurring in January 2023. It has since been integrated with platforms including Aptos, Avalanche, Polygon, Arbitrum, ZKSync Era mainnet, and Sonic (formerly known as Fantom).

Despite the announcement, both CELO and AAVE have seen declines of 0.25% and 1% respectively, reflecting a broader market downturn as prevailing tariffs continue to impact the industry.