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Stargate, a liquidity transport protocol, has proposed a partnership with Aave to enable value transfer across multiple blockchains, with an initial focus on ETH and layer 2 ecosystems. The proposal, now in the Snapshot stage for voting, includes a potential incentive program and a credit line for USDC, USDT, and ETH, aiming to align economic incentives and deepen the partnership between the two communities.
Stargate, a fully composable liquidity transport protocol, has proposed a partnership with Aave to facilitate the transfer of value across multiple blockchains. The protocol, which operates using native assets and eliminates the need for wrapped assets, has facilitated over $4.5 billion of value transferred within its first year. Stargate's protocol is built on LayerZero, a universal messaging interface that allows developers to interact with contracts across various blockchains. The protocol charges 6 basis points per transfer plus the cost of the gas associated with sending the transaction through the LayerZero network.
Stargate has requested a credit line for USDC, USDT, and ETH to help Aave users access these assets in a multi-chain world. The initial focus will be on ETH and the layer 2 ecosystems, with plans to scale to other chains as Aave scales Portals. Stargate aims to grow alongside Aave as a partner. An incentive program may be approved by the Stargate DAO after the proposal is approved, with the Stargate Foundation recommending that the Stargate DAO give 2 bps of every transaction to the Aave DAO to help align economic incentives and create a deeper partnership between the two communities.
The proposal has been moved to the Snapshot stage for voting, as announced by Fig. Stargate has conducted both internal and external audits of all code for the protocol, working with external auditors like Zellic, Ottersec, and Ackee to ensure user funds are always safe. Stargate also uses LayerZero’s PreCrime solution to ensure that it never loses a single unit of user funds. The community is generally supportive of this potential synergy with LZ & Stargate, as indicated by MarcZeller.
Posted 8 months ago
Last reply 8 months ago
Summary updated 2 months ago
Last updated 09/12 13:52