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Aave taps Pocket Network to accelerate decentralized application development

19-Jul-2022 By: Simran Mishra
Aave taps Pocket Net

Aave taps Pocket Network to accelerate decentralized application development

In order to give developers greater scalability and usability when creating decentralized apps (DApps) on the Aave Protocol, the open source decentralized finance (DeFi) protocol Aave (AAVE) is collaborating with decentralized Web3 infrastructure provider Pocket Network.

According to the announcement made on Tuesday, Aave will access on-chain data from several blockchains via Pocket's distributed network of more than 44k nodes in order to enable decentralized apps. Following the new connection, developers using Aave-powered DApps may now instantly access blockchain data from Pocket Network.

The objective, according to Michael O'Rourke, CEO of Pocket Network, is to power the next wave of decentralized applications that integrate Aave's best-in-class liquidity market with Pocket's unmatched RPC coverage, which currently supports 50 blockchains and is on track to support 100 blockchains in 2022.

This arrangement was made possible by Aave Grants DAO, which gave a grant for the acquisition of the essential quantity of the native token POKT of the Pocket Network for Aave's frontend traffic. Aave presently uses a number of RPCs (Remote Procedure Calls) from different infrastructure providers to satisfy its needs. These solutions' degrees of dependability means that they can occasionally act erratically and degrade the user experience.

The new partnership with Pocket Network aims to solve these issues by providing Aave with a more reliable and long-lasting infrastructure solution for its decentralized apps.

According to data from CoinGabbar, Aave, with a current price of $100.04 and a total value locked (TVL) worth of $6.1 billion as of writing, is the third most valuable protocol in terms of total value locked (TVL) ranking. Since the bulk of Aave's operations crosses various blockchains, its liquidity mostly comes from Polygon (MATIC) and Ethereum (ETH). Along with delivering optimal multi-chain data services, Pocket Network also provides specialized RPCs for these networks, reducing latency and boosting uptime.

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