Aave, the largest decentralized lending platform with a total value locked of $23.5 billion, has officially launched its services on OKX’s X Layer, an Ethereum layer-2 blockchain. This integration is a significant step for X Layer, which began operations in 2024 with only $25 million in total value locked.

This partnership allows users of OKX Wallet and X Layer to lend, borrow, and earn yield seamlessly without the need to bridge assets to another blockchain.

“This is a very versatile expansion of our DeFi ecosystem and as such should benefit the full range of customers we have on X Layer,” an OKX spokesperson stated.

X Layer, which launched in May 2024, aims to compete by providing scalability, offering transactions at an average cost of $0.0005 and achieving one-second block times.

Additional notable decentralized finance platforms that have gone live on X Layer include Uniswap for swaps, Chainlink for oracle services, and Stargate for cross-chain transfers.

Aave Hits a Groundbreaking Milestone

The launch follows Aave’s achievement of surpassing 1 trillion dollars in cumulative lending volume by the end of February, marking a milestone in the industry. The platform operates across more than 20 chains while holding approximately $23.5 billion in value locked and over $40.4 billion in net deposits.

Aave has recently increased its revenue to over $6.2 million in the last month, outpacing its closest rival, Morpho, which has about $10 billion in net deposits.

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The $23.5 billion figure solidifies Aave’s position ahead in the DeFi lending space, at more than three times the volume of second-place Morpho.