In the development of the Aptos ecosystem, AIP-63 is a key improvement proposal that aims to transform asset management from traditional coin standards to more modern alternative asset standards. This process will not only simplify the development of new applications, but also unify asset management standards and improve liquidity and compatibility across the ecosystem. To better understand AIP-63, we will first briefly introduce the background of AIP-21 and then explore in detail how AIP-63 can further promote this transformation.
Background and Impact of AIP-21
The main purpose of introducing AIP-21 is to improve the flexibility of asset management and simplify application development. It introduces a new standard to replace the old coin standard, so that different types of assets can be managed more effectively on the blockchain. This new standard not only simplifies the development process, but also provides more possibilities for the management and trading of various types of assets. Its main features include:
- Asset diversity: Not limited to coins, but can also represent other types of fungible assets, such as tokens.
- Improved management methods: Provide more flexible asset management functions to support various application scenarios.
- Compatibility: Aims to reduce the impact on existing projects and users and ensure a smooth migration process.
AIP-21 provides powerful support for various application scenarios, including:
Tokenization of securities and commodities: By tokenizing securities (such as stocks) and commodities (such as gold), we can achieve "fractional" ownership. This means that you can buy and trade a portion of these assets instead of the entire asset. This allows small investors to participate in these markets, while increasing market liquidity and transparency, making these assets easier to trade and manage.
Real estate tokenization: The real estate market usually requires large investments, has poor liquidity, and is difficult to trade in fractional ownership. By tokenizing real estate assets, investors can purchase fractional ownership of a property. This changes the way the traditional real estate market works. It can make the real estate market more liquid.
In-game assets: Virtual currencies and characters in games are often not circulated or traded outside of the game. By tokenizing virtual currencies and game characters, players can truly own these assets and trade them outside of the game. This tokenization method can create new revenue streams for game developers while also providing players with more ways to manage and trade assets. It helps to increase game interactivity and player engagement.
AIP-63: A key step to promote seamless migration
AIP-63 is a further improvement of AIP-21, aiming to achieve seamless migration from coins to fungible assets. Its main motivations include:
- Simplify new application development: Before DeFi applications are widely used on the Aptos network, unified standards are needed to simplify the development of new applications. Without AIP-63, developers need to develop the same functions on two different standards, which will increase development and maintenance costs and disperse liquidity.
- Solve the current confusion: There are currently multiple asset standards, which cause confusion for developers and users. AIP-63 aims to unify standards and simplify the development and use process.
Key features of AIP-63:
Global Mapping: AIP-63 proposes to establish a global mapping between coins and fungible assets, allowing coin modules to be treated as fungible assets that can be interchanged. This will help projects smoothly transition to the new standard.
Automatically create paired assets: If a coin type does not yet have a paired alternative asset, AIP-63 will automatically generate the relevant asset metadata, including AptosCoin.
Helper functions: Provides helper functions to convert between paired coins and fungible assets, ensuring compatibility.
Compatibility improvements: To be compatible with existing dApps using the Move API, AIP-63 proposes to modify some functions to convert coins and paired fungible assets when necessary, while keeping the same function signatures.
Comprehensive Migration Plan: Provide a detailed migration plan to ensure that existing dApps are not disrupted, migration costs are minimized, and disruption to developers and users is minimized.
The combined impact of AIP-21 and AIP-63
The implementation of AIP-21 and AIP-63 will together drive the Aptos ecosystemâs transition to modern fungible asset standards. The combined impacts include:
- Standardization: The entire ecosystem will move towards a unified FA standard, improving compatibility between projects and applications.
- Enhanced innovation: The new standard provides more powerful tools to support the creation of more complex and diverse applications.
- Improve user experience: Unified asset management standards make asset management simpler and improve user experience.
- Ecosystem Development: As more projects adopt the new standard, the Aptos ecosystem will become more mature and complete, driving overall development.
As more projects adopt the new standard, the Aptos ecosystem will become more mature and complete. This not only improves the overall development level of the ecosystem, but also attracts more projects and users to join, forming a virtuous circle. In addition, these two proposals also provide a solid technical foundation and development momentum for the RWA track. RWA assets often face liquidity issues, especially in traditional markets. The modern alternative asset standards introduced by AIP-63 can help improve the liquidity of RWA assets. For example, assets such as real estate and commodities can be tokenized and traded more conveniently, which may provide more market opportunities for the RWA track.
