The Aave community has given its resounding approval for the deployment of Aave V3 on the Aptos Mainnet. This decision, reached through a community vote that concluded on July 19, 2024, marks the tokens first foray into a non-Ethereum Virtual Machine (EVM) blockchain ecosystem.
Aave V3 Deployment on Aptos
The Aave community has overwhelmingly approved the deployment of Aave V3 on the Aptos Mainnet. The proposal, initiated by the Aptos Foundation, received an astounding 99.6% approval rate in a voting process that ran from July 16 to July 19, 2024.
This approval marks a significant milestone for the token, as it represents the protocol’s first venture beyond Ethereum-compatible blockchains. The leading DeFi lending platform, has historically operated on EVM (Ethereum Virtual Machine) compatible chains. The move to Aptos, a layer-1 blockchain that utilizes the Move programming language, signals a new era of expansion and interoperability for the protocol.
Aave Labs has already developed the integration code for Aave V3 on Aptos using the Move language. This code has undergone rigorous testing on the testnet, paving the way for a smooth transition to the mainnet. The successful deployment will make it accessible to developers within the Aptos ecosystem, potentially spurring innovation and new DeFi applications.
Known for its fast-growing ecosystem and high-performance blockchain, it provides a fertile ground for DeFi protocols. By bringing the token’s established lending and borrowing services to the layer-1 blockchain, the partnership aims to attract a broader user base and enhance liquidity in the Aptos ecosystem.
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Market Performance and Financial Metrics
As of the latest data, Aave prce is trading at $100.42, with a 24-hour trading volume of $94.9 million. The token has seen a 1.62% increase in the last 24 hours and a 4.98% rise over the past week. According to data from Coinalyze, Aave’s open interest has grown by 2.27% and now valued at $55.1 million.
The token is currently trading between $100.84 and $98.98 high and low range respectively. With 15 million tokens in circulation, the protocol’s market cap stands at $1.4 billion. These figures reflect the market’s positive response to the tokens expansion plans and overall performance in the DeFi sector.
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