Swell Announces Chainlink Proof of Reserve Integration for Liquid Staking Collateral Monitoring



16 May 2023 14:53, UTC


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Swell, a prominent non-custodial Ethereum liquid staking protocol, has recently revealed its successful integration of Chainlink Proof of Reserve (PoR) on the Ethereum network. This integration aims to provide enhanced security and transparency by ensuring that swETH tokens are fully backed by staked ETH on a 1:1 basis.

Previously, Swell had integrated Chainlink Price Feeds to access accurate and reliable price data for estimating gas costs and displaying them in USD terms. The recent addition of Chainlink Proof of Reserve completes Swell’s comprehensive integration of Chainlink services, further bolstering the platform’s ability to monitor off-chain or cross-chain assets and solidifying its commitment to maintaining a trustworthy ecosystem for its users.

Unmatched Transparency for Users

With the integration of Chainlink Proof of Reserve, users of swETH can now enjoy an unparalleled monitoring service for the ETH reserves backing the token. This best-in-class solution offers reliable and timely updates, ensuring that users have increased confidence and transparency regarding the full backing of Ethereum’s Beacon chain reserves.

A Proof of Reserve feed has been made available for verification to provide users with easy access to this information. By leveraging Chainlink Proof of Reserve, users can verify the integrity of swETH reserves, further enhancing trust and peace of mind within the ecosystem.

Daniel Dizon, Co-Founder and CEO of Swell Network, said: “Chainlink Proof of Reserve helps us provide our users with unmatched transparency into the reserves backing swETH. Users now have a one-stop destination for checking near real-time updates on swETH reserve balances, providing peace of mind that every token is backed 1:1 by staked ETH.”

Easy Access to Liquid Staking and DeFi Strategies

Swell simplifies the process of staking ETH and accessing DeFi strategies within a single platform. To ensure transparency and reliability, Swell has integrated Chainlink Proof of Reserve, which caters to both off-chain assets and cross-chain assets. This includes a cross-chain reserves feed, where Swell Network self-attests to the ownership of specific wallets through the IPoRAddressList wallet address manager contract.

You can explore further details for a comprehensive understanding of evaluating data sources and associated risks. Utilizing this feed, total cross-chain reserves are calculated and reported, providing users with vital information. Swell’s integration of Chainlink Proof of Reserve aims to enhance user trust and security, while simplifying access to liquid staking and DeFi strategies on the Ethereum network.

As the industry-standard Web3 services platform, Chainlink has played a pivotal role in facilitating trillions of dollars in transaction volume across various sectors, including DeFi, insurance, gaming, NFTs, and more. Serving as the leading decentralized oracle network, Chainlink empowers developers to construct feature-rich Web3 applications by seamlessly connecting them to real-world data and off-chain computation on any blockchain.

Furthermore, Chainlink acts as a universal gateway for global enterprises, providing them with unparalleled access to all blockchains. Through its innovative solutions, Chainlink continues to drive the growth and adoption of Web3 technologies, enabling greater connectivity, reliability, and functionality for the decentralized ecosystem.

Sourced from cryptonews.net.

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