The Aptos Foundation is seeking support from the Aave community for a significant expansion of its blockchain capabilities. On July 1, the foundation introduced a proposal to deploy Aave Protocol v3 on the Aptos mainnet, marking the first time Aave’s liquidity protocol would be used on a non-Ethereum Virtual Machine (EVM) blockchain.
Aptos is a layer-1 blockchain designed for high scalability and user-friendly decentralized applications (DApps). Unlike EVM-compatible blockchains, Aptos uses its own architecture and virtual machine, based on the Move programming language. Originally developed by Facebook for its Libra (later Diem) project, the Move language allows Aptos to handle up to 30,000 transactions per second.
Aave, a popular decentralized finance (DeFi) protocol, enables users to either deposit assets to earn passive income or borrow assets through overcollateralized or undercollateralized loans. With over $12 billion in total value locked, according to DefiLlama, Aave is a significant player in the DeFi space.
The proposal highlighted that Aave Labs has gained substantial expertise in the Move programming language and is ready to proceed with the integration, pending community approval and further development. The code version of Aave Protocol has already been implemented into the Move programming language by Aave Labs.
Aave Labs expressed strong support for the proposal, stating that they have conducted extensive research into the Aptos ecosystem. They believe that the integration could introduce new and exciting use cases that were not possible with EVM-compatible blockchains.
Aptos has recently achieved notable milestones, including a record high in user transactions, with 115.4 million transactions in a single day, surpassing Solana on May 25. This surge was driven largely by the popularity of the “Tapos Cat” game. However, the blockchain has also faced challenges, such as a five-hour network outage in October 2023, which led exchanges like Upbit and OKX to temporarily suspend deposits and withdrawals.
Summary Review: The proposed integration of Aave Protocol v3 onto the Aptos mainnet represents a significant step forward for both the Aptos and Aave communities. If approved, this collaboration could unlock new potentials for decentralized finance and further establish Aptos as a scalable and innovative blockchain platform.
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