Aave Launches on Aptos in First Non-EVM Expansion

Aave, one of the largest lending platforms in the decentralized finance (DeFi) space, has launched on the Aptos blockchain. According to the announcement, this is Aave’s first deployment on a non-EVM (Ethereum Virtual Machine) network. 

Benefits of Aave Launch on Aptos

Interestingly, this move supports Aave’s long-term plan to grow across multiple blockchains and brings its lending services to a new ecosystem. 

Notably, Aptos has launched with support for USDC, USDT, APT, and eUSDe as the first assets for borrowing and lending. This launch aims to provide Aptos users with secure and efficient borrowing and lending options while creating new opportunities for developers and liquidity providers.

As part of the rollout, the Aptos Foundation will offer rewards and incentives to encourage more platform usage and engagement. These incentives aim to quickly build up liquidity, attract borrowers and lenders, and enable overall use of the Aptos ecosystem.

Aave Deploys The Use of Chainlink Price Feeds

To ensure security and reliability, the deployment uses Chainlink Price Feeds, a top decentralized Oracle solution. This integration enables Oracle-secured lending markets on Aptos, providing accurate and tamper-proof price data for all supported assets.

Furthermore, developers on Aptos can now use Aave’s proven lending system. They have access to helpful tools, clear documentation, and the ability to create advanced on-chain financial apps. 

It is also worth noting that the Aave protocol currently manages tens of billions in deposits across different networks. As such, this adds credibility to the growing Aptos DeFi ecosystem.

Recall that Stripe, a payment processing platform, partnered with Aptos and Circle to reach new markets with its services. Stripe ensured the availability of crypto on-ramp services on Aptos. This means users can directly convert fiat currencies into USDC via the Aptos-enabled crypto wallets.

RLUSD Is Now Available on Aave

Aside from Aave’s new addition, Ripple Labs’ digital dollar, RLUSD, is officially available on Aave’s V3 Ethereum Core Market. 

This move allows users to supply or borrow the stablecoin on the Aave platform. As reported by TheCoinRise, the DeFi platform launch included a supply cap of 50 million RLUSD and a borrowing cap of 5 million.

As of the time of reporting, the available liquidity on Aave’s dashboard was $124.98, and there was no borrowing yet. 

The interest rate (APY) was also 0% because lending activity had not started. By joining Aave, Ripple is now active in the DeFi space. This gives RLUSD more use cases and makes it easier for people to use the stablecoin differently.