First Aptos-Based Borrowing and Lending Protocol Goes Live On Mainnet

Aries Markets, a decentralized exchange (DEX) built on top of Aptos, is now live on mainnet, according to the latest announcement.

In an announcement on the 26th of October, Aries Markets said it took months of building and iteration to take the project to where it is today.

We bring you the best in DeFi, with products spanning across borrowing, lending, swapping, margin trading and account risk management all in one platform. With one unified margin account, you can earn interest on deposits, borrow from shared liquidity pools, swap, trade and access other DeFi products on Aptos with ease,” Aries Markets stated.

It’s further stated in the announcement that the nascence of the Aptos network and the inherent risks of decentralized finance (DeFi) are being put under consideration. So, the project will be made to undergo a soft launch with some training wheels.

Before the project was rolled out on mainnet, it went through both internal and external security audits, Aries Markets said.

According to the report, the initial launch of Aries Markets will include features such as Lending & Borrowing, Swap, and Global Account Management.

Also, the assets listed by Aries Markets for the soft launch include USDC (Wormhole Bridge), zUSDC (LayerZero), Aptos (APT), and Solana (SOL). Although there are limited assets for the initial listing, the DEX promises to continue to list a wider range of assets that are secure and have a stable depth of liquidity.

The team behind the project also said that Aries Markets comes with a swap feature that will enable users to swap across the listed assets.

It’s worth noting that Aries Markets is the first borrowing and lending protocol to launch on Aptos, a Proof-of-Stake (PoS) L1 network developed by the Meta team.

Follow us on Twitter, Facebook, Telegram, and Google News