Aptos Foundation Proposes Expansion of Blockchain Capabilities with Aave Protocol Integration
Summary:
The Aptos Foundation has proposed a governance plan to introduce Aave Protocol v3 on the Aptos mainnet, marking Aave's first expansion beyond Ethereum Virtual Machine-compliant blockchains. By using the Move programming language, the protocol can allegedly handle up to 30,000 transactions per second. The integration awaits community approval, with Aave Lab prepared for deployment. Aptos recently achieved a record high in single-day user transactions, boosted by the "Tapos Cat" game’s popularity. However, challenges include a five-hour network disruption in 2023 that forced a temporary suspension of deposits and withdrawals.
The Aptos Foundation has submitted a governance proposal, aiming for an extension of its blockchain functionalities. The foundation has asked for feedback from the Aave community about the potential deployment of Aave Protocol v3 on the Aptos mainnet, according to a proposal dated July 1. If successful and approved, this shift would represent the debut of Aave's open-source liquidity protocol on a blockchain other than those compatible with the Ethereum Virtual Machine (EVM).
Unlike EVM-compatible networks, Aptos is a layer-1 blockchain explicitly built for scalability and simple decentralized app (DApp) creation, utilizing its own framework and virtual machine rooted in Facebook's Move programming language, initially created for their Libra (now Diem) blockchain. The Aptos network, claims to process up to 30,000 transactions each second.
Aave, on the other hand, is a liquidity protocol that allows users to participate as depositors or borrowers. Depositors supply liquidity in the market to generate passive income, while borrowers can secure either overcollateralized or undercollateralized loans. Among the decentralized protocols of finance, Aave is one of the popular ones, with a total locked value exceeding $12 billion, as per DefiLlama.
The proposal goes on to say that Aave Labs, having developed significant proficiency with the Move programming language, is prepared for the pending deployment, subject to community approval and further developmental steps. The designers incorporated the Aave protocol's version of code into the Move language. Aave Lab, supporting the idea, said their comprehensive research into the Aptos ecosystem highlighted that the protocol could present novel and exciting use-cases that EVM couldn't accommodate.
Recently, Aptos recorded its highest user transactions ever, achieving 115.4 million in a single day, exceeding Solana's May 25 transactions, largely due to the "Tapos Cat" game's popularity. However, the Aptos blockchain, the creation of ex-Facebook employees, had its fair share of hurdles. A network outage in October 2023 interrupted onchain transactions for five hours, compelling cryptocurrency exchanges like Upbit and OKX to issue warnings, temporarily pausing deposits and withdrawals on the network.
Published At
7/1/2024 7:22:50 PM
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