Aave Partners With Pocket Network to Facilitate the Development of Decentralized Apps
- The deployment of Pocket’s RPC (remote procedure call) will provide scalable and cost-effective access to the Aave ecosystem.
Open source decentralized finance (DeFi) protocol, Aave, has partnered with Pocket network (a decentralized Web3 infrastructure provider) to provide greater scalability for developers. Also, it will make it easier for developers to build decentralized apps (DApps) on the Aave network.
AAVE and Pocket Protocol’s Partnership
Part of the announcement, which was issued on Tuesday, states that the partnership will also enable Aave to leverage Pocket’s distributed network of over 44,000 nodes. Thus, its developers can access on-chain data from multiple blockchains to build various DApps.
In his comments, Pocket network CEO Michael O’Rourke said Pocket’s main objective is to be the foundation for the next generation of DApps. He further noted that combining Pocket’s matchless RPC coverage with Aave’s world-class liquidity market will make Pocket achieve its goals of supporting 100 blockchains before the year ends. Currently, Pocket supports 50 blockchains.
The Aave Grants DAO made this partnership a reality after offering the grant to purchase the mandatory POKT tokens for Aave’s front-end traffic. POKT is a governance token for the Pocket network. Currently, Aave uses RPCs from multiple infrastructure providers to meet its demands.
However, these solutions are not 100 percent reliable. Occasionally, their performance is so poor that they negatively affect user experience. Hence, Aave hopes to solve these issues by partnering with the Pocket network. Aave expects Pocket’s RPC to provide its DApps with a stable and durable infrastructure solution.
Data from the blockchain analytical platform, Defi Llama, shows that Aave has the third largest total value locked (TVL).
Its TVL is currently $6.1 billion. Since most of Aave’s operations are cut across various blockchains, its liquidity mainly depends on the Ethereum and Polygon networks. Pocket network also provides custom RPCs and optimized multi-chain data services for these networks. Thus, enabling them to have less latency and better uptime.
Side Notes
Aave’s governance token, AAVE, made considerable gains last week. AAVE’s growth over the previous 30 days has been stable and steady compared to most other digital assets. AAVE continues to trade around the $95 level. AAVE currently trades at around $97. It has gained 4.65 percent over the past 24 hours.
AAVE’s growth has been steady in the last 30 days as the token surged by 82.18 percent in the previous month, according to data from PricePredictions. The same data also shows that AAVE has increased by 42.71 percent over the last seven days. Despite the general downturn in the crypto market, AAVE has been achieving steady price gains.
In related news, WhaleStats data shows that AAVE has reclaimed its position as one of the top ten tokens purchased by the top 100 Ethereum (ETH) whales over the past 24 hours.
The WhaleStats data also shows that AAVE is the fifth most used smart contract. Recently, Aave submitted its proposal to launch its stablecoin. If Aave receives approval to launch its stablecoin, the network’s growth possibilities will become even more remarkable.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
