The Aptos Foundation has put forth a governance proposal that may significantly enhance its blockchain’s capabilities. According to a temperature check proposal dated July 1, the foundation is seeking input from the Aave community regarding the introduction of Aave Protocol v3 on the Aptos mainnet. If this proposal advances and gains approval, it would represent the first instance of Aave’s open-source liquidity protocol being implemented on a non-Ethereum Virtual Machine (EVM)-compatible blockchain.
Source: Stani Kulechov
Aptos is a layer-1 blockchain specifically tailored for scalability and the user-friendly development of decentralized applications (DApps). It differs from EVM-compatible blockchains, as it employs its own unique architecture and virtual machine based on the Move programming language. This language was initially developed by Facebook for its Libra (later Diem) blockchain. Aptos is designed to handle up to 30,000 transactions per second.
In contrast, Aave is a non-custodial liquidity protocol where users can engage as depositors or borrowers. Depositors supply liquidity to the market, earning passive income, while borrowers can take out overcollateralized or undercollateralized loans. Aave is one of the most prominent decentralized finance protocols, with a total value locked exceeding $12 billion, according to DefiLlama.
The proposal states, “Aave Labs has developed significant expertise in the Move programming language and is ready to proceed with the deployment, pending community approval and further development steps.” The code version of the Aave Protocol has been adapted into the Move programming language by Aave Labs.
Aave Labs has expressed strong support for the proposal, noting, “We have conducted thorough research into the Aptos ecosystem and believe the protocol could enable new and exciting use cases that were not previously possible with the EVM.” They added, “We fully support this proposal and are excited about its potential benefits for both the Aave and Aptos communities.”
From outages to ATHs
Recently, Aptos achieved an all-time high in user transactions, reaching 115.4 million in a single day and surpassing Solana’s transactions on May 25. This increase was largely fueled by the popularity of the Tapos Cat game.
Despite its successes, the Aptos blockchain, created by former Facebook employees, has faced challenges. In October 2023, a five-hour network outage disrupted on-chain transactions, prompting crypto exchanges like Upbit and OKX to alert users and temporarily suspend deposits and withdrawals on the network.
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