There are some applications to commutative algebra, which I think can be understood by an upper-level undergraduate who has taken a course on commutative rings and modules. You can look at this survey by André for a more in-depth description of applications of perfectoid spaces to commutative algebra.
The following was conjectured by Hochster in 1969:
Direct summand conjecture. Let $R$ be a regular ring, and let $R \to S$ be an extension of rings such that $S$ is finitely generated as a module over $R$. Then, the inclusion $R \to S$ splits as a homomorphism of $R$-modules, i.e., $R$ is a direct summand of $S$.
Hochster proved the case when $R$ contains a field in 1973, and Heitmann proved the case when $\dim R \le 3$ in 2002. The general case was recently settled by André using perfectoid spaces, and Bhatt has also given a shorter proof.
One equivalent formulation is the following:
Monomial conjecture. Let $R$ be a local ring of dimension $d$, and let $x_1,x_2,\ldots,x_d \in R$ be a system of parameters. Then, for every positive integer $t$, we have
$$x_1^tx_2^t\cdots x_d^t \notin (x_1^{t+1},x_2^{t+1},\ldots,x_d^{t+1}).$$
One way to think of this latter statement is that an analogous statement for $x_1,x_2,\ldots,x_d$ being a regular sequence is not too hard to show (see one of my answers), hence the conjecture is asking whether being a system of parameters is enough.