ChainsAtlas on Monday partnered with Singapore-based aelf to advance cross-chain interoperability between the two blockchains. The deal is also supposed to foster increased engagement within the Web3 community and the decentralized application (DAPPs) use. The collaboration comes at a time when there is a steady increase in the use of DAPPs in sectors like finance, business, etc.
ChainsAtlas signs deal to provide integration of DAPPs
Blockchain technology provider ChainsAtlas partnered with scalable blockchain firm AELF on Monday. Under the deal, aelf will leverage ChainsAtlas’ virtualization technology to provide the integration and migration of DAPPs from several blockchains into the aelf blockchain, irrespective of the smart contract specifications of the DAPPs.
aelf to enable various developers to use its blockchain
The deal signed between the two service providers will also include ChainsAtlas’ Virtualization Unit (VU). The VU can help the aelf blockchain to support both EVM and non-EVM digital assets, laying the groundwork for real cross-chain interoperability.
By establishing a transfer mechanism that enables smooth data and asset flow between aelf and other blockchains, ChainsAtlas’ technology will help aelf to interpret and execute smart contracts. These contracts can be written in other languages supported by ChainsAtlas.
“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”, the companies said in a statement.
The ability to enable a wider variety of DAPPs and games will improve the capabilities of aelf blockchain, and developers with varying levels of coding experience will now be able to build on aelf blockchain.
Decentralized applications to double in usage by 2030
Decentralized applications, which are programs that operate on a peer-to-peer network of computers or a blockchain as opposed to a single computer are known as decentralized applications, are widely used in various sectors. These applications which are also called DApps are not subject to the jurisdiction or control of a single body.
DAPPs have been created for social media, gaming, and banking, among other uses with the Fintech sector making the heaviest use of the Ethereum-based applications.
The global decentralized finance market size was valued at $13.61 billion in 2022 according to a study done by Grand View Research. It is expected that the DeFi industry will expand at a compound annual growth rate (CAGR) of 46.0% from 2023 to 2030.