ChainsAtlas and AELF Join Forces to Boost Interoperability Between Blockchains
ChainsAtlas, a blockchain technology provider, has recently partnered with Singapore-based company AELF to enhance cross-chain interoperability. The collaboration aims to foster increased engagement within the Web3 community and promote the use of decentralized applications (DAPPs). This partnership aligns with the growing trend of DAPP usage across various sectors, such as finance and business.
Under the agreement, AELF will leverage ChainsAtlas’ virtualization technology to integrate and migrate DAPPs from multiple blockchains onto the aelf blockchain. An important aspect of this collaboration is the inclusion of ChainsAtlas’ Virtualization Unit (VU), which enables the aelf blockchain to support both EVM and non-EVM digital assets. This lays the groundwork for real cross-chain interoperability, allowing for smooth data and asset flow between aelf and other blockchains.
The integration of ChainsAtlas’ technology will also benefit developers, as it provides the capability to interpret and execute smart contracts written in various languages supported by ChainsAtlas. This will enable a wider range of DAPPs and games to be built on the aelf blockchain, empowering developers with varying levels of coding experience.
The increasing popularity of DAPPs is expected to continue, with decentralized applications projected to double in usage by 2030. These applications, which operate on a peer-to-peer network of computers or blockchains rather than a single computer, are widely utilized in sectors such as social media, gaming, and banking. The fintech industry, in particular, has heavily embraced Ethereum-based DAPPs.
According to a study by Grand View Research, the global decentralized finance market was valued at $13.61 billion in 2022. It is anticipated that the DeFi industry will experience significant growth, with a compound annual growth rate (CAGR) of 46.0% projected from 2023 to 2030.