The Aptos Foundation has presented a governance proposal that aims to expand its blockchain capabilities. In a temperature check proposal released on July 1, the foundation is seeking input from the Aave community regarding the introduction of Aave Protocol v3 onto the Aptos mainnet. If the proposal moves forward and receives approval, it would mark the first time that Aave’s open-source liquidity protocol extends beyond Ethereum Virtual Machine (EVM)-compatible blockchains.
Aptos is a layer-1 blockchain specifically designed for scalability and user-friendly development of decentralized applications (DApps). It differs from EVM-compatible blockchains as it employs its own architecture and virtual machine, based on the Move programming language initially developed by Facebook for its Libra (later Diem) blockchain. The protocol claims to be capable of handling up to 30,000 transactions per second.
On the other hand, Aave is a non-custodial liquidity protocol that allows users to participate as depositors or borrowers. Depositors provide liquidity to the market to earn passive income, while borrowers can take out overcollateralized or undercollateralized loans. Aave is one of the most popular decentralized finance protocols, with a total value locked of over $12 billion, according to DefiLlama.
The proposal states, “Aave Labs has gained significant expertise in the Move programming language and is ready to proceed with the deployment, pending community approval and further development steps.” It further explains that the code version of the Aave Protocol has been implemented into the Move programming language by Aave Labs.
In response to the proposal, Aave Labs commented that it had “conducted extensive research into the Aptos ecosystem” and believes that the protocol can offer “new and exciting use cases that were not previously possible with the EVM.” They expressed full support for the proposal and excitement about its potential for both the Aave and Aptos communities.
Aptos has recently 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 surge in activity was primarily driven by the popularity of the Tapos Cat game.
However, the Aptos blockchain, developed 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 notify users and temporarily suspend deposits and withdrawals on the network.