Bitcoin and Ethereum are the leading cryptocurrencies across the world. As we know, bitcoin is the largest cryptocurrency, and following it, Ethereum became the second-largest cryptocurrency. The reason why Ethereum is extremely popular after bitcoin is because it introduced decentralized applications and smart contracts. Developers are getting a chance to develop a decentralized application using the Ethereum platform. In fact, many companies are working on a popular ecosystem for DeFi, i.e., Decentralized Finance.
In the second week of July 2021, Jack Dorsey tweeted that Square will soon launch a new and open-source platform for bitcoin evolution. In response to Jack’s tweet, the founder of the Aave DeFi protocol named Stani Kulechov suggested Jack develop “Twitter on Ethereum.” Aave Protocol is known as one of the extremely popular and best-performing ecosystems for DeFi. Stani posted a tweet after Jack Dorsey’s tweet poking and hinting that his company, Square, is planning to build and offer the exact services that Aave is already offering. Therefore, he suggested it as a poke fun that he should develop “Twitter on Ethereum.”
Stani Kulechov also mentioned that the co-founder of Aave DeFi would take the effort to make it unclear whether the tweet made by Jack Dorsey is a serious announcement or a poke. Aave DeFi is a non-custodial and open-source protocol that provides interest on borrowing and deposits assets. In reality, both Dorsey and Aave are working on new projects that allow users to earn interest on their savings, borrow money easily, assure users of premium, and provide more decentralized financial services to users. These decentralized financial services run with an intermediary like a bank or government.
Comparing Aave protocol with Square, the demand for decentralized financial services offered by Aave is in trend and on the rise in the mainstream amongst the institutional investors. The announcement made by Dorsey has attracted crypto followers, which also lead to an increase in the value of Ethereum. It is known that Dorsey was known as an uninterested individual who lacks interest in cryptocurrencies other than Ethereum and Bitcoin.
It is not the first time that Aave protocol announced it’s another determining project. It was revealed on 5th July 2021 that Aave protocol is launching Aave Pro, a permissioned protocol for companies and institutions. Both Aave and Dorsey are working on making decentralized social media. It is yet to see the growth of such applications.