Aave is currently working on a smart contract infrastructure project that would avoid transactions on Ethereum from StarkNet. The implementation of this bridge represents a boon for liquidity providers and StarkNet users. Overview !
Success of the first phase of the Aave – Starknet project
Ernesto Boado, both co-founder of BGD Labs and contributor to the development of the Aave protocol, recently announced on Twitter that his team has successfully completed the first stage of the “Aave – StarkNet” project.
” After a few months of development, I can finally announce that the Aave <> Starknet Phase I project in which I participated (among the others) is finished, and that it is ready to be deployed by the governance of Aave. So what exactly is Phase I? »
As announced in the initial tweet, other explanations have been made, among others:
- the presentation of the Aave-Starknet Phase I bridge and its advantages (acquisition of aTokens, possibility of becoming a depositary on Aave v2 Ethereum without leaving StarkNet, etc.);
- building new systems on the same infrastructure;
- support for rewards programs on Aave v2 Ethereum by smart contracts;
- the presence of Aave in several networks allowing the extension of this system with Polygon, Avalanche, etc. ;
- the unexpected approval of a partially EVM infrastructure development by the governance of the lending and borrowing protocol;
- inviting community members into the channel for gateway governance;
- etc
What about the changes made?
the Aave official website and Github confirmed the success of this crucial step in the implementation of the bridge. Liquidity providers are among the beneficiaries of this infrastructure. They will actually be able to use it to transit their aTokens to/from StarkNet. Also, they will have the option to sell their holdings to other Starknet users for a bounty or use them in DeFi applications of this sidechain for Ethereum.
At the same time, StarkNet users will be allowed to purchase StarkNet aToken representations without having to pay Ethereum gas fees. Otherwise, by hodling, they will certainly see their performance increase.
In short, the success of this first phase of the Aave-Starknet project announces the beginning of a new era for DeFi. Aave and StarkNet will therefore become more attractive to investors after the implementation of new monetization models and the extension of the protocol to other networks.
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