On Monday, the administration’s first on-chain proposal was moved to the decentralized finance or lending and lending platform DeFi Aave (AAVE). According to DeFi Llama, the total value booked on Aave is approximately $12 billion. According to the developers, the proposal implemented on Aave, built on the Ethereum (ETH) network, has been sent to FxPortal Polygon (MATIC). The engine then read the Ethereum data and submitted it for verification on the Polygon network.
Then the Aave control bridge nodes received this data, decrypted it, and queued the process while waiting for the temporary lock to complete. The development team wrote:
The Aave Gateway Management Bridge is built on a generic principle so that it can be easily adapted to work with any chain that supports EVM (Ethereum Virtual Machine) and cross-chain messaging.
The repository currently supports connection contracts with Polygon and Arbitrum. On Aave, users can send Aave or AIP optimization protocols to target different features on the DeFi platform. In one case in October last year, Gauntlet Network introduced an AIP to disable the xSUSHI token lending and DeFi Pulse Index features, as well as a pair of automated tokens for the marketer’s liquidity provider, citing alleged security weaknesses. The motion was adopted by 710,327 votes four days after its submission.
While some blockchain enthusiasts have taken to social media to celebrate the technological breakthrough, not all stakeholders are fans of cross-chain development. Last month, Vitalik Buterin spoke negatively about cross-chain applications, citing irreversible breaches in the event of a 51% attack on a single network during cross-network transactions. In addition, the Ethereum co-founder warned that scaling applications across the chain could also lead to scaling of vulnerabilities, as hackers could cause system-wide infections by launching 51% attacks on just one network, especially Small business networks.