BGD Labs Announces Integration of Chainlink Automation to Help Automatically Execute Governance Actions for Aave Governance V2 and Aave Cross-Chain Governance

Chainlink Automation Removes the Need for Manual Management of the Aave Governance Proposal Process on Ethereum

SAN FRANCISCO, May 16, 2023 /PRNewswire/ -- BGD Labs, a Web3 development initiative focused on the Aave ecosystem, and Chainlink, the industry-standard Web3 services platform, announced today the integration of Chainlink Automation to automate governance actions for Aave Governance V2 and Aave Cross-Chain-Governance on Ethereum mainnet. BGD Labs also plans to integrate Chainlink Automation into different parts of the Aave Governance V3 infrastructure in the future.

The integration of Chainlink Automation removes the need to manually move a contract through the Aave proposal stages. Chainlink Automation checks if a proposal needs to transition between stages or be canceled, and has the ability to automatically execute the required task, minimizing the potential for human error or unnecessary delays in governance processes.

"It's exciting to work with BGD Labs on another significant milestone for the Aave ecosystem," said Johann Eid, VP of Go-To-Market at Chainlink Labs. "The use cases we've built together make a real and lasting impact on Aave governance and the Aave Protocol, which subsequently affects much of DeFi. In BGD, we've found someone we can work with to pioneer new and exciting technologies whose foundations stand upon security, transparency, and greater efficiency for end users."

Aave is one of the largest decentralized liquidity protocols in the world, and Chainlink Price Feeds have already helped secure billions of dollars of value across Aave's multi-chain market deployments. BGD Labs' integration of Chainlink Automation into the Aave governance process helps ensure the efficiency and security of the Aave Protocol as a whole, and expands the Aave ecosystem's usage of Chainlink services.

"We're thrilled to have worked with Chainlink Labs on this integration, which supports the efficiency of the Aave governance process," said Ernesto Boado, co-founder of BGD Labs. "Automation is a key piece of Web3 infrastructure, and by integrating it, we're taking advantage of another of Chainlink's battle-tested Web3 services. We look forward to continuing our work together for years to come."

Governance systems like Aave's require an Ethereum address to trigger specific state transitions or validations in a permissionless manner. Chainlink Automation removes the need to perform these actions manually, increasing the efficiency of Aave governance processes in a tamper-proof manner.

In February 2023, BGD Labs announced the integration of Chainlink Proof of Reserve (PoR) into the Aave Protocol on Avalanche mainnet. The integration helps to ensure that wrapped tokens in Aave markets on Avalanche are sufficiently collateralized, mitigating risks associated with using wrapped tokens on the Aave protocol and helping protect users as a result.

About BGD Labs
BGD Labs (Bored Ghosts Developing https://bgdlabs.com/) is a Web3 initiative of enthusiasts in decentralized finance (DeFi), governance, and other blockchain technologies. Currently, BGD Labs is fully focused on contributing to the Aave ecosystem.

About Chainlink
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.

SOURCE Chainlink; BGD Labs