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Aptos Seeks Community Approval to Introduce Aave on Non-EVM Network

Key Takeaways

  • The Aptos Foundation has proposed integrating Aave Protocol V3 onto its mainnet, seeking community feedback;
  • This would mark the first deployment of Aave's liquidity protocol on a non-EVM compatible blockchain;
  • Aave Labs supports the proposal, emphasizing new use cases.
Aptos Seeks Community Approval to Introduce Aave on Non-EVM Network

The Aptos Foundation has proposed a governance initiative to expand its blockchain capabilities by integrating Aave Protocol V3 onto its mainnet.

Introduced on July 1, this proposal seeks feedback from the Aave community on this potential deployment, which would mark the first time Aave's open-source liquidity protocol would be used on a non-Ethereum Virtual Machine (EVM) compatible blockchain.

Aptos is a Layer-1 blockchain designed for scalable and secure decentralized application (dApp) development, boasting a transaction capacity of up to 30,000 per second. It uses a unique architecture and virtual machine distinct from EVM.

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Aave is a non-custodial liquidity protocol enabling users to engage as depositors or borrowers. Depositors can earn income by lending to pools, while borrowers can borrow by overcollateralizing or undercollateralizing their loans in these pools.

Aave Labs, the team behind Aave, supports the proposal, highlighting their extensive research into the Aptos ecosystem. They believe the integration could unlock "new and exciting use cases" not possible with EVM-based systems.

The proposal highlights:

Aave Labs has built substantial expertise in the Move programming language and is prepared to proceed with the deployment pending community approval and further development steps.

The collaboration between Aptos and Aave could be a major development for both communities, promising to enhance the functionality and reach of their respective blockchain technologies.

Despite its potential, the Aptos blockchain has faced challenges. In October 2023, a network outage disrupted on-chain transactions for five hours, causing exchanges like Upbit and OKX to temporarily suspend deposits and withdrawals.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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