The Aptos Foundation has recently introduced a proposal to deploy Aave V3 on the Aptos blockchain. This move is part of Aave’s open governance process and could mark a major milestone for both platforms.
Aave Labs has already taken concrete steps towards this goal. They’ve developed integration code and successfully deployed it on the Aptos testnet, laying the groundwork for a potential mainnet launch.
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
A First for Aave: Expanding Beyond EVM
If approved, this deployment would represent a significant first for Aave. This could be its first expansion onto a non-EVM (Ethereum Virtual Machine) blockchain. This move is essential for several reasons:
- It demonstrates Aave’s willingness to explore new technological frontiers.
- It could help diversify Aave’s ecosystem.
- It aligns with Aave’s commitment to innovation in the DeFi space.
By leveraging Aptos’ technology and developer community, Aave aims to address diverse financial needs and attract new users. This deployment could also drive more significant innovation in the DeFi sector by tapping into a wider pool of talent and resources.
The proposal is currently in the “Temp Check” phase, allowing the Aave community to discuss and consider the potential deployment. If ultimately approved, it would make Aave accessible to developers working within Aptos’ Move programming language-based ecosystem.
This proposed expansion underscores the dynamic nature of the DeFi landscape, with major protocols like Aave actively seeking new platforms to enhance their offerings and reach.
Keeping all development factors aside, the Aptos native token (APT) has reclaimed the $7 level. The minor spike in price comes after several days of struggling below the $7 resistance. Nevertheless, APT has still been down 22.4% in the last 30 days.
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