Smart contract oracle network Chainlink works with Huobi exchange, StablR Euro stablecoin and crypto information platform Bitcoin.com.
Chainlink for CEX, stablecoin, crypto ecosystem
Chainlink continues to demonstrate the flexibility of its smart contract oracle network, announcing partnerships with a major Centralized Exchange (CEX), a euro stablecoin issuer, and a growing crypto ecosystem.
This week we also see several projects starting to use Chainlink Proof of Reserve (PoR) as transparency for projects in the ecosystem increases.
In this week’s recap:
PoR for BTC reserves
The collapse of the FTX empire has forced crypto exchanges to accelerate moves toward transparency and accountability, beginning with public demonstrations that users’ deposited assets are backed by proper funds.
Major CEX Huobi uses Chainlink PoR to provide transparency for its HBTC H-Token by verifying that the amount of BTC in Huobi’s Bitcoin wallets matches the amount of HBTC (Huobi’s wrapped BTC token) on Ethereum.
“We are pleased that Huobi uses Chainlink Proof of Reserve to increase transparency of HBTC reserves. Bringing more transparency to Wrapped Assets is critical to the health and continued growth of the DeFi ecosystem,” Tomasz Wojewoda, Head of Global Sales at Chainlink Labs, said in a statement on Huobi’s website it becomes more closely associated with traditional markets. By using Chainlink Proof of Reserve, we are now able to increase transparency around collateralizing HBTC,” said Edward, Huobi’s Head of Asset and Commercial Center.
PoR for minting Euro stablecoin
Proofs of Reserve aren’t just for sharing. StablR uses Chainlink PoR to secure minting of its fully collateralized euro-backed stablecoin EURR.
When a user requests EURR to be minted, Chainlink PoR will report whether Stablr’s Euro Reserves are sufficient to support the new EURR before the minting is approved, ensuring that EURR is backed 1:1 by Euros in reserve .
“We are excited to integrate Chainlink Proof of Reserve to secure the minting of StablR Euro. As a battle-tested decentralized verification solution, Chainlink PoR helps mitigate the risk of infinite mint attacks for StablR Euro and improves the transparency and verifiability of our stablecoin,” said Ralf Wandmacher, CEO of StablR, in a Medium post.Source: StablR
Bitcoin.com, a crypto resource and self-custody platform, has joined the Chainlink BUILD program to accelerate the launch of its new Verse ecosystem.
“We decided to use Chainlink as our preferred oracle solution across the Verse DApp ecosystem because the Chainlink network has proven time and time again to be the most reliable and secure oracle solution in Web3,” said Bitcoin CEO Dennis Jarvis .com press release. “Bitcoin.com is the primary gateway for Web3 newbies, and using Chainlink services will help ensure they have the best possible experience while navigating the many exciting use cases in decentralized finance.”
Originally built on Ethereum, the Verse ecosystem will also include the VERSE utility and rewards token, which will be publicly available until November 30th.
“We are excited to welcome Bitcoin.com and the VERSE ecosystem to Chainlink BUILD. With the support of Chainlink’s secure and reliable oracle services and increased alignment with the Chainlink ecosystem, VERSE can build next-gen decentralized finance applications that accelerate the pace of Web3 adoption,” said Johann Eid, VP of Go-to-Market at Chainlink Labs.
Bitcoin.com “will make several percentage points of the VERSE token supply available to Chainlink service providers” in exchange for enhanced features, support, and other benefits.
The last four weekly Chainlink roundups:
What is Chainlink:
Chainlink is the industry standard for building, accessing and selling oracle services required for hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations to enable feature-rich applications. Chainlink currently secures tens of billions of dollars in DeFi, insurance, gaming and other major industries, providing global corporations and leading data providers with a universal gateway to all blockchains.
Where can I find Chainlink:
Website | Twitter | Documents | community
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers