13.5 C
4 June 2023
Image default

Aave integrates Chainlink for governance automation – LINK mass adoption growing

Aave has announced that it will be relying on Chainlink automation to foster the creation of its Aave Robot. While unveiling details about the AaVe Governance Verson 3, Chainlink noted that it had been working on a major project behind the scenes and that the project is intended to improve and foster the advancement of the network and its community.

Aave revealed that it has been building the automation of permissionless actions centering the Aave ecosystem. This is specifically focused on the ones that have connections to governance.

Aave proceeded to explain why it is taking that route, as it states that it is only right to have decentralized infrastructure which has its cost covered by the Aave decentralized autonomous organization (DAO). The post read.

Behind the scenes, we have been working on the automation of permissionless actions around the Aave ecosystem, specifically on those related to governance, for which it is completely natural to have decentralized infrastructure whose cost is covered directly by the Aave DAO.

Aave went on to disclose that the technology is already provable and cited its use on the Aave Proof of Reserve as an example. Aave revealed that it has chosen Chainlink Automation as a central part of the ongoing project, which has been dubbed the Aave Robot. The post read.

Given that it is already proven technology (e.g. used on Aave Proof of Reserve) and coming from a long-term partner, we have chosen Chainlink Automation as the backbone of this project, which we call Aave Robot.

Chainlink Automation offers a variety of benefits for Aave and other customers
Chainlink Automation makes it possible for smart contracts to be conditionally executed using a hyper-reliable and decentralized automation platform. The platform relies on an external network of node operators that are known to secure billions in value.

Using a decentralized network, Chainlink Automation monitors automation logic in a secure and cost-efficient manner off-chain, then goes on to initiate an on-chain transaction so as to execute the smart contract function as soon as the predefined conditions have been met.

Chainlink’s Automation has many benefits, including reducing the time and process customers will typically take to reach the market. This in turn saves customers from the stress of setting up costs, ongoing maintenance, and all the risks that typically come with a centralized automation stack.

The announcement comes as the Aave ecosystem marks a key milestone in its network growth, as the network recently detailed the structure of the Aave Governance V3.

The Aave Governance v3, as explained in the announcement post, is the next iteration of the Aave decentralized governance to control the whole Aave ecosystem: multi-chain native and minimizing voting cost

News Source

Related posts

Justin Sun Lays Out Tron’s DeFi Plan: Copy Ethereum


Dogecoin CEO Elon Musk Launches Humans Into Orbit


Binance Announces to List DigiByte (DGB) “without any demands or listing fee”