Aptos Foundation’s Aave V3 proposal could expand EVM developers’ capabilities
Aptos Weekly Overview - July 3, 2024
Welcome back to Aptos’ Weekly Overview. The best place for Aptos community members to get up to speed on the chain’s latest updates, metrics, releases, insights, ecosystem developments and more. All in one place.
Editors note: This week’s edition was released a day early on July 3, ahead of the US-based July 4 holiday.
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By The Numbers
Aptos transactions this week: 1.5M (-86.9%)
Network transactions per second (TPS): 17.9
Active users: 136.6K (-82.6%)
New users this week: 37.2K
Total staked APT: 876.34M (0%)
Aptos total value locked (TVL): $353.2M (+3.6%)
NFT weekly sales: 7.5K (+21.7%)
The percentages and metrics are based on a 7-day timeframe from Flipside data as of July 1, unless noted otherwise.
Inside the blockchain
🌐What happened: Aptos Foundation has proposed to deploy Aave V3 on Aptos mainnet.
🌐Why does it matter: If approved, Aptos would be the first deployment from Aave to a non-Ethereum Virtual Machine (EVM) blockchain. “If it goes through, it will also bring a [previously] EVM-only protocol to the non-EVM world,” Avery Ching, co-founder of Aptos Labs, said on X. “This has a lot of potential.”
The proposal from the Aptos Foundation is part of the Aave 2030 plan to expand the Aave Protocol beyond EVM networks, Stani Kulechov, the founder and CEO of Avara (parent company of Aave), said in a post on X.
The proposal, which aims to “expand Aave’s presence and tap into Aptos’ growing DeFi ecosystem and user base,” is open for community input per the Temp Check document by the Aptos Foundation. While there’s advantages to the potential deployment of Aave V3 on Aptos, there’s also limitations that differ between non-EVM and EVM-centric chains.
Still, many non-EVM blockchains can allow the Aave community to expand to untapped ecosystems that were inaccessible up to this point and introduce new possibilities for innovation and product development.
It's in its early stages and the integration code is currently being audited, Aptos shared on Monday. If it goes through, it will bring an end to Aave Protocol’s EVM-only engagements, which have been going strong for over six years.
🌐The big picture: Aptos blockchain offers a number of advantages that the Aave Protocol can tap into, including its ability to handle over 30,000 transactions per second.
“[Aptos] excels in supporting DeFi, real-time financial services, gaming, AI and other use cases,” the Aptos Foundation stated. If the proposal goes through, it could open the door for new technological developments, diversification of Aave’s EVM-based ecosystem and expand opportunities for existing developers.
Ecosystem wins
Since the start of 2024, nearly 10M users have joined Aptos – in the last week alone, there have been over 780K active users and more than 480K new users
Aptos Labs released an update to create-aptos-dapp, a starter kit for building dApps on its network
Aptos has reached a “Nakamoto Coefficient” of 22, surpassing other chains like Solana and Sui – here’s why it matters
Aptos-based Echelon Market ranked as the third fastest growing DeFi project by TVL across all chains in Q2 (chart below)
Catch up on innovations from the DeFi projects building on Aptos this week
The community is makin’ Moves
Aptos Learn featured a new tutorial and documents for developers to utilize smart contracts to streamline complex transactions
X user 0xsubash explains how Aptos is like an emerging city and why developers will scale on its chain
Thala Labs dives into why the Aave v3 deployment proposal matters for Aptos and Thala
Flipside Aptos Ambassador Cristinatinto shared the top 10 NFT collections on Aptos by APT volume (chart below)
By the headlines
You might have seen these Aptos-related headlines recently…
Aptos Ecosystem Activity Report for June (Aptos Monthly Report on Substack)
And check out Flipside’s Aptos Quarterly Report Highlights
Aptos Foundation proposes deploying Aave V3 on Aptos Network (The Block)
ICYMI: Token Relations x Aptos Quarterly Ecosystem Webinar happened last week, rewatch the footage with Aptos Labs co-founder Mo Shaikh on the Talking Tokens podcast
Aptos Labs sees its network creating a “flywheel effect” for the rest of 2024 (Talking Tokens)
Join in the fun
Want to dive into the ecosystem full-time? Find the latest job postings on Aptos Foundation here.
Have a startup? List your company’s open roles on the Aptos Ecosystem Job Board
Aptos launched Code Collision, its first-ever online global hackathon from August 1 to September 30 – register here
Aptos is headed to Kyoto for IVS Crypto 2024 - join the community at events on July 3 and July 5
Sign up for Merkle Trade and Pacific Meta’s event: IVS2024 Aptos Summer Matsuri in Kyoto on July 5
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.