BENQI Integration with Chainlink

Published on: 17.02.2023
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.

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.

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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.

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

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