BENQI Integrates Chainlink Proof of Reserve and Automation

BENQI — a leading algorithmic money market protocol on Avalanche — has integrated Chainlink Proof of Reserve and Automation to help secure cross-chain asset lending and borrowing for BTC, ETH, DAI, USDC, and USDT. The combination of these two proven Chainlink oracle services enables BENQI to employ a defense-in-depth approach to cross-chain asset security.

Dan Mgbor, Co-Founder of BENQI said that Cross-chain assets add value to the protocol by giving users a wider range of digital assets to transact with on BENQI, but they also come with unique risk and market profiles. The combination of Chainlink Proof of Reserve and Automation helps give BENQI the ability to monitor cross-chain reserves in near real-time and build in automatic protections in case of unexpected events. This elevated bar of security underpinned by Chainlink oracle services inspires user confidence in BENQI and gives everyone more peace of mind.

About Chainlink

Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.

About BENQI

BENQI is a DeFi protocol on Avalanche providing users and developers access to capital-efficient DeFi products. It consists of the BENQI Liquidity Market for crypto lending & borrowing and BENQI Liquid Staking, the AVAX liquid staking solution. For more information, visit benqi.fi.

SOURCE:

https://benqifinance.medium.com/benqi-integrates-chainlink-proof-of-reserve-and-automation-to-help-secure-cross-chain-asset-lending-c1f888d6539c