The Aptos Foundation has proposed a governance initiative to integrate Aave Protocol v3 onto the Aptos mainnet, marking the first deployment of Aave’s liquidity protocol on a non-Ethereum Virtual Machine (EVM) blockchain.
In a proposal submitted on July 1, the Aptos Foundation seeks feedback from the Aave community regarding this integration. Aptos, a layer-1 blockchain known for its scalability and user-friendly decentralized application (DApp) development, operates on its own architecture using the Move programming language, originally developed by Facebook for its Libra (later Diem) blockchain. This infrastructure allows Aptos to handle up to 30,000 transactions per second.
Aave, a decentralized liquidity protocol, enables users to participate as depositors or borrowers, with depositors providing liquidity to earn passive income and borrowers taking loans in an overcollateralized or undercollateralized manner. Aave is one of the leading decentralized finance protocols, with over $12 billion in total value locked.
According to the proposal, Aave Labs has already adapted the Aave Protocol code to the Move programming language, positioning it for deployment on the Aptos network pending community approval and further development steps. Aave Labs has expressed strong support for the proposal, citing extensive research into the Aptos ecosystem and the potential for innovative use cases beyond what is possible with EVM-compatible blockchains.
Aptos recently achieved a significant milestone, reaching an all-time high of 115.4 million user transactions in a single day, driven by the Tapos Cat game, surpassing Solana’s transaction volume on May 25. However, the blockchain has also faced challenges, including a five-hour network outage in October 2023, which disrupted onchain transactions and led to temporary suspensions of deposits and withdrawals on crypto exchanges such as Upbit and OKX.
