APT
by Soumen Datta
July 1, 2024
The proposal aims to leverage Aptos' high transaction throughput, enhanced security, and cost efficiency to boost both ecosystems.
The Aptos Foundation has put forth a proposal to deploy Aave V3 on the Layer 1 blockchain, Aptos’ mainnet. This initiative is in the "temperature check" phase, an initial step that involves gathering feedback from Aave's governance community before moving forward.
Aptos Foundation has introduced a proposal to deploy Aave V3 on Aptos Mainnet as part of Aave’s open governance process. Aave Labs has built integration code and deployed it onto the Aptos testnet. If approved, this will be Aave's first deployment to a non-EVM blockchain. Read…
— Aptos (@Aptos) July 1, 2024
The proposal aims to enhance the functionality and security of Aave V3 by leveraging Aptos' unique capabilities.
The proposal's journey includes several stages:
Temperature Check: Current phase where community feedback is solicited.
Snapshot Vote: If initial feedback is positive, a snapshot vote will follow.
Aave Request for Comments (ARC): Further discussion on asset parameters and implementation details.
Aave Improvement Proposal (AIP): Final stage where, after thorough testing and auditing, the proposal is formally submitted and deployed.
Aptos Foundation highlighted this structured governance process to ensure community involvement and thorough vetting of the proposal.
Aave Labs has already built the integration code for deployment, which is live on the Aptos testnet.
“We are in full support of this proposal and excited about the potential it holds for both Aave and Aptos communities,” said the Aave Labs team.
Additionally, Aptos Foundation plans to integrate ChainLink’s Price Feeds and its Cross-Chain Interoperability Protocol (CCIP) to further enhance the deployment.
The deployment of Aave V3 on Aptos represents a significant step as it moves Aave beyond Ethereum Virtual Machine (EVM) compatible networks. Aptos uses the Move language, originally developed at Meta by former members of Facebook’s Diem project. This language reportedly differentiates Aptos from Ethereum-based blockchains, offering unique advantages in terms of security and functionality.
For Aptos, integrating a major DeFi protocol like Aave could significantly boost its ecosystem’s growth, attracting more users and developers. Offering popular DeFi services demonstrates Aptos' ambition to compete with established smart contract platforms.
Further, deploying on Aptos means expanding Aave DAO's market share, particularly in the Asia-Pacific region and Korea. This expansion could lead to new revenue streams and overall revenue growth. Aptos' support for upgradable smart contracts and a flexible account model facilitates the implementation of updates and new features.
According to the Aptos Foundation, here are the benefits of deploying Aave V3 on Aptos:
High Transaction Throughput: Aptos supports up to 30,000 transactions per second (TPS).
Enhanced Security: Robust security measures are built into Aptos with 99.9% uptime.
Cost Efficiency: Gas fees are reportedly 100x lower than other comparative Layer 1 blockchains, recently setting a record for the highest transaction volume for any L1.
Modular and Flexible Architecture: Aptos’ design allows for seamless updates and improvements.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Author
Soumen Datta
Soumen is an experienced writer in cryptocurrencies, DeFi, NFTs, and GameFi. He has been analyzing the space for the last several years and believes there is a lot of potential with blockchain technology, even though we are still at an early stage. In his spare time, Soumen enjoys playing his guitar and singing along. Soumen holds bags in BTC, ETH, BNB, MATIC, and ADA.
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