The pressing need for interoperability in the blockchain space is addressed
Despite the massive potential blockchain technology and cryptocurrencies hold for the world, they are still miles away from mass adoption. Industry leaders and tech giants have plowed money into the research and development of DeFi technology owing to the transactional transparency and security it guarantees. It decentralizes financial processes, unlike anything we have seen in the longest time.
Yet, what holds back DeFi technology from unleashing its true worth and value?
One of the prominent factors is obviously the lack of interoperability in the DeFi space. Interoperability is a prerequisite for the expansion and evolution of all technologies in the age of the internet.
Why should blockchain solutions address interoperability issues?
Interoperability is no longer just desirable in blockchain solutions, but integral. In a world that is pushed forward through collaborations and interactions, interoperability is crucial to the growth of the industry as a whole.
The siloed existence of the blockchain ecosystem, if anything, has only contributed to its slowdown. Regardless of the progress made by individual units, what is it worth if they can’t be connected? What is it worth if they can’t work together? We know the great strides in technology in the past two decades have been for the most part a result of interconnectivity.
There are hundreds of blockchain projects in existence that have different aspects in nature and approach. For example, the type of transaction facilitated, hashing algorithms used, or consensus models practiced. Some of these factors make it difficult for the chains to connect.
This is particularly difficult in situations where the DeFi ventures are running on different networks with contrasting governance rules. If they could come together, they will be strengthened in terms of security and node power. The siloed existence makes the networks more prone to attacks, centralization, and manipulations.
In industries where security is a major concern, blockchain is still seen in apprehension owing to this. For example, in the supply chain, trading, healthcare, logistics, aviation, etc, it is not reasonable to expect all parties to belong to one single chain. One application can’t provide all solutions leading to multiple solutions on multiple chains as deemed suitable. If individual units can’t connect with each other, the operations will have to be put on hold.
What are some of the unique functionalities enabled by interoperability?
- Payment transaction facilitation on multiple networks saving cost, time, and effort.
- Hassle-free transfer of data across chains, protocols, and apps.
- Easier switching between apps and platforms
- Smooth execution of smart contracts.
- User-friendly experience.
- The opportunity to develop partnerships and collaborations.
- Sharing of solutions for mutual growth.
Interoperability is the only way to go if a blockchain venture is to fulfill its promise of decentralization and democracy. Moreover, it helps businesses get the most out of their blockchain investments.
Asva Labs tackles the interoperability hurdles in DeFi, NFT, and the metaverse
Asva Labs seamlessly connects protocols, networks, and ecosystems together to serve an array of financial use cases in the DeFi, NFT, and metaverse realms.
Just like how banks seamlessly interact with each other and transfer value in the traditional financial system, interoperability has to be established between different blockchain platforms. Each blockchain ecosystem operates as a separate economy in the present circumstances. Unless these economies can work with each other and cater to each other’s growth, the entire blockchain ecosystem will remain in its infancy. Cross-chain interoperability will equip users to leverage the combined potential of the now siloed crypto ecosystem and power the future of Web 3 technology.
The interoperable and scalable applications from Asva Labs will continue to contribute to that.
Asva Finance, a cross-chain liquidity aggregation engine from Asva Labs features advanced money market functionalities like liquidity aggregation, lending and borrowing, and portfolio management to make DeFi technically and financially accessible to a wider mass. On the other hand, Asva Virtua Space, the metaverse platform powered by NFTs, brings digital creators and collectors under one roof through a full-fledged virtual ecosystem.
Asva Labs expands the purview of blockchain capabilities to pave the way for a decentralized permissionless financial landscape.
About Asva Labs
The world’s pioneer platform to fuel interoperable applications for DeFi, NFT, and the metaverse, Asva Labs leverages Web3 blockchain technologies to pave the way for an interactive decentralized ecosystem. We address the existing limitations of the industry through cross-chain interoperable apps that flaunt remarkable scalability.
Asva Labs has deployed two premier products to change the face of decentralized services. Asva Finance — a cross-chain DeFi aggregation engine that features a one-stop solution for DeFi functionalities. And, Asva Virtua Space — a fascinating realm of on-chain metaverse powered by NFTs.
Asva Labs aims to bring DeFi and NFTs to the mainstream through an array of advanced use cases.
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