Chainlink now supports Cross-Chain Bridge, BNB Chain DEX, Yield Aggregator on Solana, and Ethereum L2.
Tens of billions secured
Over the past few days, Chainlink has continued to integrate protocols around the space. Whether it’s helping to secure a cross-chain bridge or powering fair NFT disclosures, the oracle is becoming the central infrastructure of the smart contract economy.
In this week’s summary:
More secure cross-chain bridges?
Swingby has integrated Chainlink Proof of Reserve (PoR) to help secure Skybridge, a decentralized bridge between Bitcoin, Ethereum, and other chains.
The PoR enables reliable tracking of reserve assets using automated audits. In Skybridge, this prevents users from creating new Wrapped Bitcoin (WBTC) tokens or exchanging them if $BTC reserves are no longer pegged to $WBTC supply.
The integration was revealed to BSC News by the Chainlink team via a press release.
“We consider Chainlink Proof of Reserve to be an essential decentralized infrastructure for the Swingby Skybridge,” said Senga Yusaku, CEO of Swingby. “Security is paramount when bridging blockchains, and Chainlink’s tried and tested oracle network is the most trusted in the industry.”
Hackers have stolen more than $1.8 billion this year from multiple cross-chain bridges, including the very recent Nomadic feat. For this reason, developers should continue working to make them more robust and use the best infrastructure available in the space.
Chainlink Proof of Reserve offers the following features:
- On-chain automated audits.
- High-quality data from data providers with financial incentives.
- Decentralized PoR streams at the data source and oracle node level, eliminating central points of failure.
- Real-time monitoring of PoR streams by anyone.
Randomize jackpot winners
Biswap’s Squid NFT World has integrated Chainlink VRF to fairly select “Jackpot” contest winners.
Decentralized exchange BNB Chain has distributed $350,000 BSW among the 1,000 Squid NFT World game winners using the Chainlink verifiable random feature.
“The Biswap team understands the critical importance of fairness and transparency in a promotional event. Integrating Chainlink VRF into our giveaway helps us provide stronger assurances to our users that the selection process uses a tamper-proof random source,” said EK, CEO of Biswap.
Random number generators derived from blockchain data like block hashes can be mined by miners, while off-chain solutions derived from off-chain APIs are opaque. Chainlink VRF provides verifiable assurances directly on-chain that the “Jackpot” giveaway has not been tampered with by the oracle, outside entities, or the Biswap team.
Tulip Protocol has integrated Chainlink Price Feeds to help secure its yield aggregation platform on Solana.
The DeFi protocol connects lenders with borrowers who want to access leverage. This integration assures users that their leveraged positions will be liquidated fairly using accurate price data and that the protocol will remain fully collateralized.
“By leveraging the most secure and reliable on-chain data available, we are able to provide our lenders and borrowers with greater assurance that liquidations are based on accurate price data, and the protocol will maintain a ratio healthy loan/value through all market conditions,” said Senx, co-founder of Tulip Protocol.
Chainlink Price Feeds provides highly accurate and tamper-proof price data made accessible on-chain. In this way, the protocols that integrate them into their smart contracts end up with a robust Oracle infrastructure that has been proven to be reliable under extreme network conditions.
Support a new L2
Ethereum Layer 2 Metis Andromeda has integrated Chainlink price feeds.
The integration supports the expansion and security of Metis’ DeFi ecosystem, allowing developers to supercharge their dApps with decentralized, high-quality price data.
“Chainlink Price Feeds will accelerate innovation in the Metis ecosystem, enabling DeFi applications to support advanced features that enhance user experience,” said Elena Sinelnikova, CEO of Metis. “Given the demand for more affordable and faster Web3 applications, our scalable layer two solution, in combination with Chainlink Price Feeds, is designed to help accelerate DeFi adoption and enable new innovative use cases. .”
Check out BSC News’ weekly roundup to keep up to date with the latest from the smart contract powerhouse.
Four latest editions:
What is chain link:
Chainlink is the industry standard for creating, accessing, and selling oracle services needed to power 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 and provides global enterprises and major data providers with a universal gateway to all blockchains.
Where to find Chainlink:
Website | Twitter | Papers | Community
What is Swingby:
Swingby is a protocol for moving between blockchains without a central custodian. Swingby’s first product is Skybridge which provides trustless bridges between Bitcoin, Ethereum, Binance Smart Chain (BSC) and other chains. Skybridge executes token swaps using a network of metanodes powered by multiparty computing and Layer 2 technology. Each bridge exists as a proof-of-stake network.
Where to find Swingby:
Website | Twitter
What is Biswap:
Biswap is a decentralized exchange (DEX) that allows users to trade tokens on the BNB smart chain. Besides having a new referral system and low trading fees, Biswap offers various products and services.
Where to find Biswap:
Website | Twitter
What is the Tulip Protocol:
Tulip Protocol is a Solana-based yield aggregation platform with auto-compose vault strategies. The dApp has also integrated leveraged yield farming and lending pools, providing investment with appropriate risk rewards for any DeFi user.
Where to find the Tulip Protocol:
Website | Twitter
What is Metis:
Metis Andromeda is a Layer-2 built on Ethereum. Led by the Metis DAO, Andromeda has several unique capabilities, such as a Peer-to-Peer sequencer layer and built-in extended functionality for Decentralized Autonomous Companies (DACs). Projects and sub-communities on Andromeda leverage these comprehensive L2 features to bring their Web 3 vision to life.
Where to find Metis:
Website | Twitter
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