On Saturday, Stani Kulechov informed his 90K followers on Twitter that his protocol should be building Twitter on Ethereum. This was after Twitter chief Jack Dorsey revealed he was working at developing a new Bitcoin-based finance service platform with remarkable differences to Aave. For those who don’t know Aave is a much-fancied altcoin which like many were seeing some impressive gains before we witnessed this most recent crash.
Dorsey took to Twitter this Thursday informing his followers that his mobile payment firm, Square Inc., was establishing a new business that is geared towards developing an open developer platform with the main goal of making it convenient to generate permissionless, non-custodial, and DeFi services.
The tweet, which happened to get over 34K likes after it was posted, implied that Bitcoin would be the main focus of the project.
In his reply, Kulechov signalled that Dorsey’s business concept is, in fact, has a lot of stark similarities to his platform, i.e., Aave, a non-custodial, open-source decentralized finance protocol enabling consumers to not only borrow assets but get interest on their deposits. Although it is not fully clear whether Kulechov’s development-of-Twitter-on-Ethereum idea is serious, he did say that Aave co-founder Jordan Lazaro Gustave would be leading the effort.
Aave has turned out to be one of the most prominent decentralized finance protocols in the entire industry, the demand for its services constantly increasing, even amongst traditional investors. As reported by Cointelegraph, the platform has revealed plans to establish a permission edition of its platform for investment firms in the current month.
Dorsey’s endeavours to being decentralized finance to Bitcoin is after an announcement made in the beginning of June regarding Square Inc. researching the development of a Bitcoin hardware wallet that is open source. The tycoon has restated the significance of self-custody as well as the need to bring new cryptocurrency users onboard via the use of mobile technology.