How Aave Helped JP Morgan Complete Its First DeFi Transaction
02 Noviembre 2022 - 04:00PM
NEWSBTC
Legacy financial institutions are embracing crypto and
decentralized finance (DeFi), and the Ethereum-based protocol Aave
is proof. Today, the team behind the protocol announced that
banking giant JP Morgan Chase completed its first DeFi transaction.
5/5 @jpmorgan transacting on a public blockchain using Aave smart
contracts is a huge milestone for DeFi, and represents a massive
step towards bringing traditional financial assets into DeFi, to
fully realize the opportunities afforded by smart contract based
dApps. — Aave (@AaveAave) November 2, 2022 This represents a
major milestone for the sector that continues to see high demand
and adoption despite the downside trend in the crypto market. Two
years ago, the total value for the DeFi sector, as measured by the
total value locked (TVL), was less than $5 billion. Related
Reading: Bitcoin Bullish Signal: Whales With 1k-10k BTC Have Been
Accumulating In a short period, this metric will increase by over
20-fold, reaching an all-time high of around $170 billion by 2021,
according to data from DeFi Llama. Today’s milestone marks a new
era for the nascent sector and digital assets. Aave Supports Major
JP Morgan Transaction According to the official announcement, JP
Morgan leveraged a “modified” version of the Aave protocol. Due to
its higher scalability, the project used Ethereum’s second-layer
solution, Polygon. The team behind the protocol said: The Aave
protocol was utilized by involving the supply and borrowing of
tokenized foreign exchange transactions, using SGD tokenized
deposits (1st issuance of tokenized deposits by a bank!) issued by
J.P. Morgan and JPY tokenized assets issued by SBI Digital Asset
Holdings. The transactions are part of the Monetary Authority of
Singapore (MAS) led “Project Guardian.” The initiative explores
ways to bridge legacy financial institutions with decentralized
finances “across a broader range of use cases.” WORLD! J.P. Morgan
has executed its 1st *LIVE* trade on public blockchain using DeFi,
Tokenized Deposits & Verifiable Credentials, part of @MAS_sg
Project Guardian 🙌🚀🔥https://t.co/XI212SG4zg Many world 1sts here,
& since this is public ⛓ here’s a transparent🧵on what we did: —
Ty Lobban (@TyLobban) November 2, 2022 In addition to JP
Morgan, other major banking institutions are participating in the
initiative, including DBS Bank, SBI Digital Asset Holding, and the
Oliver Wyman Forum. These transactions are the first in a series of
pilot tests to explore the potential for DeFi and digital assets to
improve the interoperability and efficiency of legacy financial
markets. Related Reading: Ripple (XRP) Sits On Key Support; Here Is
What Could Happen If $0.45 Fails Project Guardian was announced in
May 2022, its objective is to “identify” the key areas where
traditional financial institutions and DeFi protocols can
collaborate. So far, the initiative has identified pilot programs
to “unlock economic value,” the study of regulatory and risk
management, developing technology standards, and others as areas of
interest. Chief FinTech Officer at MAS, Sopnendu Mohanty, said: The
live pilots led by industry participants demonstrate that with the
appropriate guardrails in place, digital assets and decentralised
finance have the potential to transform capital markets. This is a
big step towards enabling more efficient and integrated global
financial networks. Project Guardian has deepened MAS’
understanding of the digital asset ecosystem (…).
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