BENQI Integration with Chainlink
BENQI Integration with Chainlink Proof of Reserve and Automation to help secure cross-chain asset lending and borrowing for BTC, ETH, DAI, USDC, and USDT.
Bridged assets are smart contracts with different security and market characteristics, despite popular belief. Under-collateralization risk.
Chainlink Proof of Reserve uses automated cryptographic verification to reliably and quickly monitor off-chain or cross-chain reserves. Avalanche Bridge assets lower BENQI wrapped token risk in PoR. Chainlink PoR updates collateral balance data. BENQI Integration with Chainlink
If BENQI reserves show an abnormality, it stops and disables impacted pools to prevent arbitrage and other cross-chain exploit concerns.
“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 us 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.” — Dan Mgbor, Co-Founder of BENQI.
About Chainlink
Chainlink decentralized oracle network supports Web3 apps & hybrid smart contracts. Offers global enterprises and data providers may access to all blockchains. Chainlink secures tens of billions of dollars across DeFi, insurance, gaming, NFTs, and other major industries.
About BENQI
Built on Avalanche’s highly scalable network, BENQI’s vision of bridging decentralized finance (DeFi) and institutional networks starts by launching BENQI on the Avalanche C-Chain. BENQI’s suite of yield-generating DeFi products consists of BENQI Liquidity Markets and BENQI Liquid Staking.
