Lending Platform Celsius latest to integrate Chainlink’s Proof of Reserve system
Decentralized oracle network Chainlink evidently had a great run in 2021, much like a lot of the leading decentralized finance (DeFi) applications. Its many partnerships over the past year have made it one of the most integrated networks in the space, with over 700 oracle networks, and it is showing no signs of stopping.
As has been communicated by its developers earlier, Chainlink’s main point of focus going forward would be to build interoperability between different blockchains. And its first major partnership for the year seems to be headed in that direction.
Earlier today, it was announced that the popular lending platform Celsius had integrated Chainlink Proof of Reserve (PoR) to enable the creation of auditable and highly secure cross-chain wrapped tokens. Celsius will use this integration to bridge wrapped versions of ADA, DOGE, and ETH to the Polygon mainnet, with plans to bridge more tokens in the near future.
Users of these tokens will be able to unlock cross-chain token utility, with access to DeFi ecosystems on non-native blockchains.
<p lang=«en» dir=«ltr» xml:lang=«en»>Chainlink Proof of Reserve unlocks cross-chain liquidity.In collaboration with @CelsiusXDeFi, @CelsiusNetwork is integrating #Chainlink PoR to help secure the minting, redeeming, & burning of wrapped tokens on #Polygon. https://t.co/oeYGL43PiD
— Chainlink – Official Channel (@chainlink) January 27, 2022
The custodial DeFi platform will now be able to unlock cross-chain liquidity for these assets through this integration, which has been in collaboration with its DeFi engineering arm CelsiusX, according to a blog post. It further noted,
“Through this integration, smart contract developers can build more advanced applications with non-native
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