Aura announces Arbitrum deployment proposal approval

Aura has announced that the ecosystem has passed the proposal to deploy on Arbitrum, marking the latest significant step in the milestone. This is part of Aura’s strategic cross-chain deployment to unlock growth opportunities beyond the mainnet. It is further expected to accelerate innovation within the Aura ecosystem.

Aura has chosen Arbitrum for a variety of reasons. The key one is that the majority of Balancer’s sidechain TVL, Total Value Locked, is already hosted by Arbitrum. Meaning, the network has the potential to host the volume to support the impressive community of decentralized finance (DeFi).

As for the users of Aura, they can expect flexibility, enhanced accessibility, and the experience of being a part of the leading platform that deals with DeFi.

The voting process was seamless; only two options were available to the community. These were For and Against. Those voting For meant they were in favor of the Arbitrum deployment. Others were simply against it, needless to say. A hundred percent of the votes were in favor of the deployment, with no one against the proposal or even abstaining from the voting process.

Aura concluded the 3-day-long voting process on June 18, 2023, at 11:30 p.m. local time. A total of 17,481,976 snapshots were recorded under the single choice voting method. The final result can be verified on the official announcement web page.

Now that the proposal has been implemented, here are the changes that Aura is introducing to the ecosystem:

  • Deployment on Arbitrum
  • Deployment on mainnet
  • Transferring AURA to Arbitrum and depositing the fund in the shared escrow
  • Passing the address of the newly deployed L1Coordinator

It allows users to deposit funds and earn rewards. However, Aura deposits are required to take advantage of the increased BAL rewards. Balancer’s novel cross-chain veBAL will support the mechanism. There is no change to pre-existing contracts on the mainnet. Some functionality may be removed from the lite variants of the contract. Voting has been removed from the light version of the contracts, for example.

Aura Finance is leveraging the capabilities of Layer Zero Protocol to bridge AURA and auraBAL. Holders can expect the transfer to be seamless since it is secured by efficient cross-chain communication.

The community has responded to the announcement on social media as well. Most of the members have come forward to congratulate the Aura team on this achievement.

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The development comes months after Aura shared its intention of gaining a competitive edge in the industry. The announcement revolved around reducing the gas fees by 10 to 100 times and enabling holders to scalp tokens without paying $10 in gas fees.

The proposal has been passed by Auro after securing 100% votes in favor of Arbitrum deployment, adding to a series of achievements that it has witnessed in recent months.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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