Hassan Maishera
On Wednesday, Aave Labs announced via a blog post that Aave now powers yield for over 21 million users on Whop. Whop is one of the largest platforms for online business, with over 21 million users and $3 billion in annual payouts across 144 countries.
The platform has launched Whop Treasury, a yield feature built into the Whop Finance suite that lets users earn on their balances automatically. The yield, distributed by Veda, comes from Aave's Plasma market.
When a Whop user opts into Treasury, their balance is converted to USDT0 stablecoins and routed through a Veda vault on the Plasma network. That vault allocates the funds to Aave's lending markets, where they earn yield.
The user's balance updates automatically, with no manual steps required on their end. Autocompounding is handled automatically, meaning generated yield is redeployed continuously without the user paying gas or managing any positions. And withdrawals are available instantly.
Whop Treasury puts Aave in front of an entirely new, non-crypto-native user base. The 21 million people on Whop are online business owners and creators. Most are likely unfamiliar with DeFi, and they won't need to become experts with this integration either. They will opt into a yield feature inside a platform they already trust, and Aave, Veda, and Plasma will do the work behind the scenes.
Aave protocol is a decentralized, open-source, and non-custodial money market protocol. Depositors earn interest by providing liquidity to lending pools, while borrowers can obtain overcollateralized loans by using the liquidity from these pools. AAVE is trading at $110.79 per token, down 0.5% in the last 24 hours.
