ChainsAtlas teamed up with Singapore-based Aelf on Monday to promote cross-chain interoperability between the two blockchains. The deal should also promote greater involvement within the Web3 community and the use of decentralized applications (DAPPs). The collaboration comes at a time when there is a steady increase in the use of DAPPs in sectors such as finance, corporate, etc.
ChainsAtlas signs an agreement to enable the integration of DAPPs
Blockchain technology provider ChainsAtlas teamed up with scalable blockchain company AELF on Monday. Under the deal, aelf will use ChainsAtlas’ virtualization technology to handle the integration and migration of DAPPs from different blockchains to the aelf blockchain, regardless of the DAPPs’ smart contract specifications.
aelf to enable various developers to use its blockchain
The agreement between the two service providers also includes ChainsAtlas’ Virtualization Unit (VU). The VU can help the aelf blockchain support both EVM and non-EVM digital assets, laying the foundation for true cross-chain interoperability.
By establishing a transfer mechanism that enables smooth data and asset flow between eleven and other blockchains, ChainsAtlas technology will help each other interpret and execute smart contracts. These contracts can be written in other languages supported by ChainsAtlas.
“This partnership will also promote greater engagement within the Web3 community as users can access a more diverse range of digital assets themselves,” the companies said in a statement.
The ability to enable a greater variety of DAPPs and games will enhance the capabilities of aelf blockchain, and developers with varying levels of coding experience will now be able to build on aelf blockchain.
Decentralized applications will double in use by 2030
Decentralized applications, which are programs that operate on a peer-to-peer network of computers or a blockchain rather than on a single computer, also called decentralized applications, are widely used in various industries. These applications, also known as DApps, are not under the jurisdiction or control of any single entity.
DAPPs are created for social media, gaming and banking, among others, with the Fintech sector making the most use of Ethereum-based applications.
According to a study by Grand View Research, the global size of the decentralized finance market was estimated at $13.61 billion by 2022. The DeFi industry is expected to grow at a compound annual growth rate (CAGR) of 46.0% between 2023 and 2030.