In order to promote cross-chain interoperability between the two blockchains, ChainsAtlas and Singapore-based aelf teamed on Monday. The agreement is also expected to promote greater participation in the Web3 community and the use of decentralized applications (DAPPs). The partnership is taking place at a moment when DAPPs are being used more and more in industries like business and finance.
ChainsAtlas inks agreement to offer DAPP integration
Scalable blockchain company AELF and blockchain technology supplier ChainsAtlas teamed up on Monday. In accordance with the agreement, aelf will make use of ChainsAtlas’ virtualization technology to facilitate the transfer and integration of DAPPs from many blockchains onto the aelf blockchain, regardless of the DAPPs’ individual smart contract requirements.
aelf wants make its blockchain accessible to a range of developers
The two service providers have also agreed to incorporate ChainsAtlas’ Virtualization Unit (VU) in their agreement. By supporting both EVM and non-EVM digital assets, the VU may assist the aelf blockchain and create the foundation for true cross-chain interoperability.
ChainsAtlas’ technology has the potential to facilitate the interpretation and execution of smart contracts by creating a transfer mechanism that facilitates seamless data and asset flow between aelf and other blockchains. These agreements may be drafted in any other language that ChainsAtlas supports.
The firms released a statement saying, “This partnership will also foster increased engagement within the Web3 community as users can gain access to a more diverse range of digital assets on aelf.”
Aelf blockchain’s capabilities will be enhanced by the capacity to support a greater range of DAPPs and games, and developers with different degrees of coding expertise will now be able to create on aelf blockchain.
By 2030, the use of decentralized applications will have doubled.
Decentralized apps are widely utilized in many different industries. They are programs that run on a peer-to-peer network of computers or a blockchain rather than a single computer. These apps, usually referred to as DApps, are not under the authority or control of a single entity.
DAPPs have been developed for a variety of purposes, including banking, gaming, and social networking. The Fintech industry employs Ethereum-based apps the most.
As per Grand View Research’s analysis, the worldwide decentralized finance market size was estimated to be $13.61 billion in 2022. From 2023 to 2030, the DeFi sector is projected to develop at a compound annual growth rate (CAGR) of 46.0%.