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- Aptos proposes Aave V3 deployment on its mainnet, moving beyond EVM networks.
- ChainLink integration aims to enhance Aave V3’s data accuracy and cross-chain capabilities.
In the midst of the busy crypto industry, the Aptos Foundation presented an ambitious proposal to use Aave V3 on the Layer 1 blockchain, Aptos’s mainnet. Currently in the “temperature check” phase, this project is a necessary initial stage in which Aave’s governance community’s comments are gathered before proceeding.
Using Aptos’ special features, this proposal is a strategic one meant to improve the security and usefulness of Aave V3.
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
Governance Process: Ensuring Community Involvement
The path of the project comprises numerous important phases. Community comments are first sought for during the “temperature check” phase. Should the first comments be favorable, the process will proceed to the “snapshot vote” phase, in which case a vote will take place.
The “Ave Request for Comments (ARC)” step then addresses more asset parameter and implementation detail issues. At last, the “Ave Improvement Proposal (AIP)” stage is entered, whereby the idea is formally presented and implemented following extensive testing and auditing.
To maximize adoption even more, the Aptos Foundation intends to combine ChainLink’s price fees and the Cross-Chain Interoperability Protocol (CCIP). By means of data accuracy and cross-chain capabilities, this integration is expected to provide notable enhancements, hence strengthening the resilience of Ave V3 on Aptos.
As Aave V3 moves Aave outside Ethereum Virtual Machine (EVM)-compatible networks, its implementation on Aptos marks a major turning point.
Originally created at Meta by former Facebook Diem project members, Aptos speaks the Move language. Offering special security and functionality, this language supposedly sets Aptos apart from Ethereum-based blockchains.
Potential Impact on Aptos and Aave
Including a big DeFi protocol like Aave would greatly increase the expansion of Aptos’ ecosystem and draw more users and developers. Providing well-known DeFi services shows Aptos’ drive to challenge existing smart contract systems.
Moreover, using Aptos means increasing the market share of Aav DAO, especially in Korea and the Asia-Pacific area. This development can result in fresh income sources and general increase in revenue.
Support for upgraded smart contracts and a flexible account architecture by Aptos helps to integrate upgrades and new features, therefore guaranteeing that both systems remain leading-edge blockchain innovators.
Meanwhile, data from CoinMarketCap shows that APT’s price at the time of writing is over $5.88, having climbed by 6.82% over the past 24 hours. Growing investor trust and interest in the Aptos ecosystem clearly show in this good market performance.
Previously, CNF reported that Aptos Connect uses keyless wallet innovation to streamline blockchain contacts. This underlines Aptos’s ongoing efforts to improve user experience and accessibility, therefore confirming its place in the cutthroat blockchain market.
