Celsius Integrates Chainlink Proof of Reserve (PoR) To Help Secure Cross-Chain Wrapped Tokens

Wrapped ADA, DOGE, and ETH now available on Polygon

Celsius is excited to announce that — in collaboration with their DeFi engineering arm CelsiusX — they have integrated Chainlink Proof of Reserve (PoR) to unlock cross-chain liquidity through wrapped tokens. This integration represents a pioneering approach to creating a hybrid CeDeFi application and marks one of the first instances of PoR being used in-production to help audit and secure the on-chain minting, redeeming, and burning of wrapped cross-chain tokens.

The integration involves bridging wrapped versions of ADA, DOGE, and ETH to Polygon mainnet, enabling smart contract developers to create advanced decentralized applications while utilizing non-native blockchain tokens. The Cardano, Dogecoin, and Ethereum communities can now securely lock up their tokens to access a wide range of DeFi applications on Polygon, including decentralized exchanges, lending and borrowing, yield farms, and more. The result of this integration is a seamless union between CeFi and DeFi enabled by hybrid infrastructure involving a trustless layer that creates interoperability and unlocks cross-chain liquidity in the blockchain space.

By integrating Chainlink PoR to help create fully auditable wrapped cross-chain tokens, Celsius has created a powerful CeDeFi application that unlocks liquidity in the multi-chain ecosystem. Celsius will also implement CCIP to help wrap and unwrap tokens in a fully decentralized manner that does not rely on the Celsius application.

The are several features that make Chainlink PoR the best fit for their use case:

• Automated On-Chain Audits — By keeping an up-to-date reference contract, smart contracts can get automated, on-chain verification of an asset’s collateralization, removing the need to conduct manual audits.
• Reliable Nodes — Chainlink PoR Data Feeds are secured by a large collection of independent, security-reviewed, and Sybil-resistant oracle nodes run by leading enterprises, data providers, and DevOps teams who have a strong on-chain history of performance even during periods of extreme network congestion.
• Decentralized — Chainlink PoR Feeds are decentralized at the data source and oracle node level, eliminating central points of failure in the sourcing and delivery of external data to Celsius.
• Transparent — Chainlink PoR Feeds can be monitored by anyone in real time, allowing users to verify the current collateralization of assets.

“We’re excited to deepen our integration with Chainlink and bring together the decentralization and transparency guarantees of DeFi with the broad functionality and high performance of CeFi,” stated Celsius Network Founder and CEO Alex Mashinsky. “Ultimately, all stakeholders benefit from this type of hybrid CeDeFi infrastructure — users are able to add cross-chain utility to their tokens while developers can provide stronger assurances that the wrapped tokens used in their applications are secured by battle-tested decentralized infrastructure.”

About Chainlink

Chainlink is the industry standard for building, 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 for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

SOURCE: 
CelsiusX