Swell, a leading player in the DeFi space, has unveiled a partnership with Chainlink. It aims to improve transparency and reliability in the cessation and resumption of liquid assets. Swell’s new integration is called Chainlink Proof of Reserve on Ethereum. It is a big step in the right direction for Swell. Swell’s latest Chainlink integrated feed aims to provide its users with greater on-chain visibility into the reserves backing rswETH, a Liquid Restaking token from Swell.
.@swellnetworkio has integrated #Chainlink Proof of Reserve to help monitor reserves for its liquid withdrawal token rswETH.
Additionally, Chainlink CCIP will support Swell Chain, the upcoming staking-oriented layer 2.
More information: https://t.co/cy71SOGMou
— Chainlink (@chainlink) April 9, 2024
Chainlink enhances the Liquid Staking ecosystem for Swell users
This move signifies Swell’s commitment to providing greater transparency to its users to build greater confidence in the reserves backing their rswETH tokens. The Chainlink POR feed continues to function as a monitoring service for the Liquid Restakers to verify and track the full reserve size. It retains them as truth seekers and honest participants in the system. For rswETH reserves, it is important to verify at any time and in real time the amount of ETH that is over-collateralized.
Chainlink continues to provide rswETH users with high-quality data and real-time support. Additionally, it improves the overall Liquid Staking and Restaking ecosystem. Chainlink supports Swell Mishima’s Swell L2 with Chainlink’s CCIP to ensure the reliable transfer of ETH assets across the chain. Additionally, Swell has joined forces with Chainlink BUILD, an initiative that has greatly supported Swell’s LST and the Liquidity Resttaking token.
Chainlink BUILD boosts Swell’s TVT past the $1 billion milestone
Chainlink BUILD has helped a number of more advanced institutions by enabling CCIP to ensure the Chain’s price feed remains a milestone by donating more than $1 billion to TVT, which includes LST and the LRT. According to Swell founder Daniel Dizon, Chainlink integration is a key aspect that Swell has seen, adding that Swell L2 will be supported by Chainlink in the long term.
Meanwhile, Chainlink has done more than $10 trillion in value transfer across its cross-chain and other off-chain applications. A highly decentralized computing network uses artificial intelligence technology. It is fully decentralized so that other DeFi, startups, SMEs and multinationals can invest and trade other integral cryptocurrencies.
In short, this new partnership between Swell and Chainlink is an essential milestone in the future of liquid staking. With strong Chainlink-integrated solutions, Swell sets the stage for transparency, reliability and efficiency.