Aptos seeks Aave community support for non-EVM integration

Ana Paula Pereira7 hours agoAptos seeks Aave community support for non-EVM integrationThe Aptos Foundation has proposed the first deployment of Aave Protocol v3 on a non-EVM blockchain.1628 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Aptos Foundation has introduced a governance proposal that could broaden its blockchain capabilities. 

According to a July 1 temperature check proposal, the foundation wants the Aave community’s input on introducing Aave Protocol v3 onto the Aptos mainnet. If the proposal moves forward and is approved, the deployment would mark the first time Aave’s open-source liquidity protocol has moved beyond Ethereum Virtual Machine (EVM)-compatible blockchains.Source: Stani Kulechov

Aptos is a layer-1 blockchain specifically designed for scalability and user-friendly development of decentralized applications (DApps), and it is not an EVM-compatible blockchain. Instead, Aptos uses its own architecture and virtual machine, which is based on the Move programming language — originally developed by Facebook for its Libra (later Diem) blockchain. According to the protocol, it is capable of handling up to 30,000 transactions per second.

Meanwhile, Aave is a non-custodial liquidity protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers can borrow in an overcollateralized or undercollateralized loan. Aave is among the most popular decentralized finance protocols, with a total value locked of more than $12 billion, according to DefiLlama.

“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,” reads the proposal, adding that the code version of the Aave Protocol has been implemented into the Move programming language by Aave Labs.

Commenting on the proposal, Aave Labs noted that it had “conducted extensive research into the Aptos ecosystem,” claiming the protocol could offer “new and exciting use cases that were not previously possible with the EVM.” It continued, “We are in full support of this proposal and excited about the potential it holds for both Aave and Aptos communities.”From outages to ATHs

Aptos recently hit an all-time high in user transactions, reaching 115.4 million in a single day and surpassing Solana’s transactions on May 25. The surge was largely driven by the popularity of the Tapos Cat game.

The Aptos blockchain, created by former Facebook employees, has also faced challenges. In October 2023, a five-hour network outage disrupted onchain transactions, leading crypto exchanges like Upbit and OKX to alert users and temporarily suspend deposits and withdrawals on the network.

Magazine: Ethereum’s recent pullback could be a gift — Dynamo DeFi, X Hall of Flame# Blockchain# Business# DeFi# Aave# AptosAdd reaction