Chainlink now supports a cross-chain bridge, a BNB Chain DEX, a yield aggregator on Solana, and an Ethereum L2.
Tens of billions secured
For the past few days, Chainlink has continued to integrate protocols across the space. From helping secure a cross-chain bridge to providing fair NFT disclosures, the oracle will become the core infrastructure for the smart contract economy.
In this week’s recap:
More secure cross-chain bridges?
Swingby integrated Chainlink Proof of Reserve (PoR) to secure Skybridge, a decentralized bridge between Bitcoin, Ethereum and other chains.
PoR enables reliable monitoring of currency reserves through automated audits. In Skybridge, it prevents users from minting or exchanging new Wrapped Bitcoin (WBTC) tokens when the $BTC reserves are separated from the $WBTC supply.
The integration was announced to BSC News by the Chainlink team via press release.
“We consider Chainlink Proof of Reserve to be a mission-critical decentralized infrastructure for Swingby’s Skybridge,” said Senga Yusaku, CEO of Swingby. “Security is paramount when building a bridge across blockchains, and Chainlink’s battle-tested and proven oracle network is the most reliable in the industry.”Source: Chainlink
Hackers have stolen over $1.8 billion from multiple cross-chain bridges this year, including the recent Nomad exploit. Because of this, developers should keep working on making them more robust and using the best available infrastructure.
Chainlink Proof of Reserve offers the following features:
- Automated on-chain audits.
- High-quality data from funded data providers.
- PoR feeds decentralized at the data source and Oracle node level, eliminating central points of failure.
- Real-time monitoring of PoR feeds by anyone.
Random jackpot winners
Biswap’s Squid NFT World has integrated Chainlink VRF to fairly select the winners of the “Jackpot” giveaway.
The BNB chain’s decentralized exchange distributed $350,000 BSW among the 1,000 winners of the Squid NFT World game using the Chainlink Verifiable Random feature.
“The Biswap team understands the critical importance of fairness and transparency at a giveaway event. Integrating Chainlink VRF into our giveaway helps us give our users more assurance that the selection process uses a tamper-proof random source,” said EK, CEO of Biswap.source
Random number generators derived from blockchain data such as block hashes can be exploited by miners, while off-chain solutions derived from off-chain APIs are opaque. Chainlink VRF provides verifiable on-chain assurances that the “Jackpot” giveaway has not been tampered with by the Oracle, external entities or the Biswap team.
Tulip Protocol integrated Chainlink price feeds to back up its yield aggregation platform on Solana.
The DeFi protocol connects lenders with borrowers looking to access leverage. This integration assures users that their leveraged positions will be liquidated fairly using accurate price data and that the protocol remains fully collateralized.
“By leveraging the most secure and reliable on-chain data available, we can provide our lenders and borrowers with greater assurance that liquidations are based on accurate pricing data and that the protocol will maintain a healthy loan-to-value ratio in all market conditions,” said Senx, the co-founder of Tulip Protocol. Source: Chainlink
Chainlink Price Feeds provide highly accurate and tamper-proof price data accessible on-chain. In this way, protocols that they integrate into their smart contracts receive a robust Oracle infrastructure that has proven to be reliable in extreme network conditions.
Support for a new L2
Ethereum Layer 2 Metis Andromeda integrated Chainlink price feeds.
The integration supports the extension and security of Metis’ DeFi ecosystem and allows developers to enhance their dApps with high-quality and decentralized price data.
“Chainlink Price Feeds will accelerate innovation in the Metis ecosystem and enable DeFi applications to support advanced features that improve user experience,” said Metis CEO Elena Sinelnikova. “Given the demand for more affordable and faster Web3 applications, our scalable Layer Two solution combined with Chainlink Price Feeds will help accelerate DeFi adoption and enable innovative new use cases.”Source: Chainlink
Check out the weekly roundup of BSC News to stay up to date on the smart contract powerhouse.
The last four issues:
What is Chainlink:
Chainlink is the industry standard for building, accessing, and selling oracle services required to run 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
What is Swingby:
Swingby is a protocol for switching between blockchains without a central administrator. Swingby’s first product is Skybridge, which provides trusted bridges between Bitcoin, Ethereum, Binance Smart Chain (BSC), and other chains. Skybridge performs token swaps using a network of metanodes based on multi-party computing and Layer 2 technology. Each bridge exists as a proof-of-stake network.
Where can I find Swingby:
Website | Twitter
What is Biswap:
Biswap is a decentralized exchange (DEX) that allows users to exchange tokens on the BNB Smart Chain. In addition to a new recommendation system and low trading fees, Biswap offers various products and services.
Where can I find Biswap:
Website | Twitter
What is the Tulip Protocol:
Tulip Protocol is a yield aggregation platform built on top of Solana with auto-compounding vault strategies. The dApp also integrated leveraged yield farming and loan pools, offering any DeFi user an investment with decent risk premiums.
Where can I find the Tulip Protocol:
Website | Twitter
What is Metis:
Metis Andromeda is a Layer 2 based on Ethereum. Run by Metis DAO, Andromeda has several unique features such as: B. a peer-to-peer sequencer layer and integrated advanced functions for decentralized autonomous enterprises (DACs). Projects and sub-communities on Andromeda leverage these rich L2 capabilities to bring their Web 3 vision to life.
Where to find Metis:
Website | Twitter
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