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First cross-chain governance proposal passes on Aave

Published 02/01/2022, 03:00 PM
Updated 02/01/2022, 04:40 PM
ETH/USD
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On Monday, the first cross-chain governance proposal passed on decentralized finance, or DeFi, borrowing and lending platform Aave (AAVE). According to DeFi Llama, the amount of total value locked on Aave is approximately $12 billion. As told by its developers, a proposal executed on Aave, which is built on the Ethereum (ETH) network, was sent to the Polygon (MATIC) FxPortal. The mechanism then read the Ethereum data and passed it for validation on the Polygon network.

Afterward, the Aave cross-chain governance bridge contract received this data, decoded it and queued the action, pending a timelock for finalization. The development team wrote:

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