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Aptos Foundation proposes deploying Aave V3 on Aptos mainnet

aptos-foundation-proposes-deploying-aave-v3-on-aptos-mainnet
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Aptos Foundation proposes deploying Aave V3 on Aptos mainnet

The Aptos Foundation has introduced a proposal to deploy Aave V3 on the Layer 1 blockchain Aptos’ mainnet.

Aave V3 deployment on Aptos is live in the “temperature check”, a stage of the platform’s governance process that involves community feedback.

If adopted, launch of Aave V3 on the L1 blockchain will expand Aave’s presence and see it tap into a growing DeFi ecosystem.

Integration code deployed on Aptos testnet

Per an Aptos Foundation post on X, Aave Labs has already built integration code for the 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,” the Aave Labs team said in a response.

Aptos Foundation also plans to integrate ChainLink’s Price Feeds and its Cross-Chain Interoperability Protocol (CCIP) next, with this aimed at enhancing the functionality and security of Aave V3 on Aptos.

Key benefits of Aave V3 on Aptos

According to Aptos Foundation, deploying Aave V3 on the Aptos chain marks the DeFi protocol’s first first non-EVM deployment, which opens Aave to new users and integrations as it expands its reach.

The deployment also provides a first mover advantage, akin to Aave’s expansion to top blockchain platform Polygon. High transaction throughput, with Aptos supporting up to 30,000 transactions per second (TPS), enhanced security, transaction cost efficiency and a modular and flexible architecture are other key benefits of this integration.

Meanwhile, the Aptos team will add a wealth of experience and expertise gained from working on projects such as Meta’s Diem.

For Aave DAO, the deployment would mean market share growth – particularly in the Asia-Pacific region and Korea where Aptos has shown strong traction. This would also mean new revenue streams and thus revenue growth. 

Aptos will also support the program with an incentive program of up to 2 million APT in liquidity mining and rewards.