NewsCrypto x Chainlink Integration

NewsCrypto announced integration with Chainlink to reserve for their Polygon Token Bridge.

When it comes to blockchain interoperability and bringing cross-chain liquidity to DeFi, security is absolutely crucial, and there’s no better way to ensure it than by implementing the best and most trustworthy data sources out there.

Recently, the NewsCrypto team announced that they’re working on a token bridge for Polygon, the largest full-stack Ethereum scaling solution in the crypto space. The bridge will enable billions of dollars worth of liquidity on one of the oldest and most popular chains in crypto (the name of which will be revealed when the testnet implementation is live) to access everything that the Polygon ecosystem has to offer. That way, token holders will be able to securely transfer their funds over to Polygon, where they can put them to work in the ever expanding DeFi ecosystem by trading or providing liquidity on DEXes, lending, borrowing and more.

The team is aware that, when it comes to cross-chain bridges, security is the number one concern, and that’s why they’re working on implementing multiple layers of redundancy to make the protocol as safe as possible. A vital part of this is obtaining reliable data from a trustworthy source about the balances and transactions on the wallets which are used for the swap, and that’s where Chainlink Proof of Reserve comes in. By running an independent node, Chainlink will enable the smart contract that will be used for the swap to continuously keep track of relevant token balances and prevent illegitimate transactions.

About NewsCrypto

NewsCrypto is an all-in-one trading ecosystem that is primarily focused on education, giving both beginners and expert traders alike everything they need to step into the world of crypto and take their skills to the next level. Recently, the project has expanded to providing novel solutions for DeFi in partnership with different protocols and development-focused projects.

About Chainlink

Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.

📰 INFO

https://newscrypto.medium.com/newscrypto-x-chainlink-247ec37c9061