Aptos Foundation proposes Aave V3 deployment, marking first non-EVM expansion

Key Takeaways

Aptos Foundation’s proposal for Aave V3 is in the temperature check phase.
Approval could lead to Aave’s first deployment on a non-EVM blockchain.

The Aptos Foundation has proposed deploying Aave V3 on the Aptos mainnet, potentially marking Aave’s first expansion to a non-EVM blockchain ecosystem.

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

Currently in the “temperature check” phase, the proposal gathers initial feedback from Aave’s governance community. Aave Labs has already developed integration code and deployed it on the Aptos testnet, with the Aptos Foundation sponsoring the ongoing audit process. If approved, this initiative would make Aave accessible to developers within Aptos’ ecosystem, which is based on the Move programming language.

The proposal outlines a clear governance process, moving from the current temperature check to potential snapshot votes, an Aave Request for Comments (ARC) stage, and finally an Aave Improvement Proposal (AIP) vote.

“We collaborated with Aptos to build the first non-EVM codebase of Aave Protocol V3 in Move. This proposal from the Aptos Foundation is part of the Aave 2030 plan to expand the Aave Protocol beyond EVM networks,” notes Aave founder and CEO Stani Kulechov.

The Move language, originally developed at Meta by former members of Facebook’s Diem stablecoin project, distinguishes Aptos from Ethereum-based blockchains. This deployment would represent a significant step for Aave, expanding its reach beyond Ethereum Virtual Machine (EVM) compatible networks.

For Aptos, integrating a major DeFi protocol like Aave could boost its ecosystem’s growth and attract more users and developers. Offering popular DeFi services also demonstrates the platform’s ambition to compete with established smart contract platforms.

The proposal’s progress through Aave’s governance process will be closely watched by both communities, as it could set a precedent for future cross-chain collaborations and expansions in the DeFi space. The outcome may influence other protocols’ strategies for expanding to non-EVM chains and Aptos’ ability to attract additional DeFi projects.