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Swell Network Integrates Chainlink

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Swell Network Integrates Chainlink Price Feeds and Proof of Reserve To Help Secure Liquid ETH Staking.

Swell Network is also integrating Chainlink Proof of Reserve to help ensure that its liquid staking receipt token (LSRT) – Swell ETH (swETH) – is always fully backing by staked ETH on a 1:1 basis. Chainlink Proof of Reserve uses automated verification based on cryptographic truth to enable the reliable and timely monitoring of off-chain or cross-chain reserves. By providing on-chain proof that reserves are fully backed, developers are better able to protect against malicious actors and ensure the solvency of the protocol.

Swell Network is an innovative multi-sided staking platform serving both stakers and node operators. Through a range of innovations, including the Atomic Deposit, Swell Financial NFTs (swNFTs) and Swell Vaults, the protocol will offer Ethereum stakers higher yields, a better user experience, the ability to choose their node operator, and complete transparency for each and every deposit on the platform.

Ultimately, Swell Network aims to make a positive contribution to the Ethereum ecosystem by driving integration with new technologies like Chainlink Proof of Reserve, which is likely to become the standard auditing solution for more and more liquid staking protocols and other decentralized finance (DeFi) primitives.

Chainlink Price Feeds provides an array of benefits that help make them the industry leader such as:

  • High-Quality Data — Data is sourcing from numerous premium data aggregators like BraveNewCoin and Kaiko, leading to volume-adjusted global market prices with robust market coverage.
  • Reliable Nodes — Price feeds are securing by a decentralized network of independent, security-reviewed. Sybil-resistant oracle nodes run by leading blockchain DevOps teams with a proven history of hyper-reliability.
  • Decentralized Infrastructure — Both the data sourcing and transmission on-chain are removing any central point of failure.

Chainlink is the industry standard for building, accessing, and selling oracle services. To power hybrid smart contracts on any blockchain. Its oracle networks provide smart contracts with a way to reliably connect to any external API. Leverage secure off-chain computations for enabling feature-rich applications.

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About Swell Network

Swell Network is a next-generation ETH liquid staking protocol. It provides a superior and differentiated offering for stakers, node operators, and the ecosystem. Swell empowers stakers to earn higher yields, with more transparency in a fully non-custodial manner with improved UX. The protocol also enables node operators to run nodes for the network in a fully permissionless manner.

SOURCE

https://blog.swellnetwork.io/swell-network-integrates-chainlink-price-feeds-and-proof-of-reserve-to-help-secure-liquid-eth-staking/

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