Echelon, a decentralized lending protocol on Aptos, has introduced Echelon Chain, a debt-driven Move appchain
The Echelon team said on Nov. 28 that the appchain, which is based on Initia’s Interwoven Stack, makes use of Celestia’s modular blockchain technology.
The launch of Echelon Chain comes after the publication of the Echelon Roadmap, which highlighted $132 million in borrowed assets and over $100 million in total locked value. The appchain is an example of Echelon’s effort to control the decentralized finance sector within the Move ecosystem.
Echelon Chain’s integration of Initia’s Interwoven Stack is very good for the ecosystem. It has native USDC, enshrined oracles, access to Celestia-native assets, and LayerZero onboarding.
The platform has a native liquidity hub, atomic cross-chain compatibility with Initia layer-1, and is built for managing debt and capturing modular assets.
Venture capital firms led by Amber Group, including Laser Digital, Saison Capital, Re7, Selini Capital, and Interop Ventures, contributed $3.5 million to Echelon’s seed round in August of this year.
We intended to use the money to hire full-stack and smart contract engineers, introduce cross-chain deposit vaults, and expand access to high-performance DeFi and real-world asset markets.
Later this year, Echelon’s public testnet will go live, and the mainnet debut will coincide with Initia’s rollout.
