Tens of Billions Secured

During the past few days, Chainlink continued integrating protocols around the space. From helping secure a cross-chain bridge to powering fair NFT reveals, the oracle is becoming the central infrastructure for the smart contract economy. 

In this week’s roundup:

• Swingby integrates Chainlink Proof of Reserve.
• Biswap integrates Chainlink VRF.
• Tulip Protocol and Metis integrate Chainlink Price Feeds

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Safer Cross-Chain Bridges?

Swingby integrated Chainlink Proof of Reserve (PoR) to help secure Skybridge, a decentralized bridge between Bitcoin, Ethereum, and other chains. 

PoR enables reliable monitoring of reserve assets using automated audits. In Skybridge, it prevents users from minting new Wrapped Bitcoin (WBTC) tokens or swapping them if the $BTC reserves become unpegged from the $WBTC supply.

The integration was revealed to BSC News by the Chainlink team via press release.

“We consider Chainlink Proof of Reserve to be mission-critical decentralized infrastructure for Swingby’s Skybridge,” said Senga Yusaku, CEO of Swingby. “Security is paramount when building a bridge across blockchains, and Chainlink’s battle-hardened and time-tested oracle network is the most reliable in the industry.”

Hackers stole over $1.8 billion this year from several cross-chain bridges, including the very recent Nomad exploit. For this reason, developers should continue working to make them more robust and use the best infrastructure available in the space.

Chainlink Proof of Reserve offers the following features:

• Automated on-chain audits.

• High-quality data from financially incentivized data providers.

• PoR feeds that are decentralized at the data source and oracle node level, eliminating central points of failure.
• Real-time monitoring of PoR feeds by anyone.

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Randomizing Jackpot Winners

Biswap’s Squid NFT World integrated Chainlink VRF to fairly select winners in the “Jackpot” giveaway.

The BNB Chain decentralized exchange distributed 350,000 $BSW among the 1,000 winners of the Squid NFT World game using Chainlink Verifiable Random Function.

“The Biswap team understands the critical importance of fairness and transparency in a giveaway event. Integrating Chainlink VRF into our giveaway helps us provide stronger assurances to our users that the selection process uses a tamper-proof source of randomness,” said Biswap’s CEO, EK.

Random number generators derived from blockchain data like block hashes can be exploited by miners, while off-chain solutions derived from off-chain APIs are opaque. Chainlink VRF provides verifiable assurances directly on-chain that the “Jackpot” giveaway was not tampered with by the oracle, outside entities, or the Biswap team.

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Accurate Liquidations

Tulip Protocol integrated Chainlink Price Feeds to help secure its yield aggregation platform on Solana.

The DeFi protocol connects lenders with borrowers who want to access leverage. This integration assures users that their leveraged positions will be fairly liquidated using accurate price data and that the protocol will remain fully collateralized.

“By leveraging the most secure and reliable on-chain data available, we’re able to provide our lenders and borrowers with greater assurances that liquidations are based on accurate price data, and the protocol will maintain a healthy loan-to-value ratio through all market conditions,” said Senx, the Co-Founder of Tulip Protocol. 

Chainlink Price Feeds provide highly accurate and tamper-proof price data made accessible on-chain. This way, protocols that integrate them into their smart contracts end up with robust oracle infrastructure proven reliable during extreme network conditions.

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Supporting a New L2

Ethereum Layer 2 Metis Andromeda integrated Chainlink Price Feeds.

The integration supports the expansion and security of Metis’s DeFi ecosystem, enabling developers to boost their dApps with high-quality and decentralized price data.

“Chainlink Price Feeds will accelerate innovation in the Metis ecosystem, enabling DeFi applications to support advanced functionality that improves the user experience,” said Elena Sinelnikova, the CEO of Metis. “Given the demand for more affordable and faster Web3 applications, our scalable layer-two solution, in combination with Chainlink Price Feeds, is set to help accelerate the adoption of DeFi and enable innovative new use cases.”

Check out BSC News' weekly roundup to keep up with the latest regarding the smart contract powerhouse.

Last four editions:

• July 30: Truflation, Crabada and Sam Bankman-Fried
• July 23: Bybit, Armadillo, Solanart and Aavegotchi 
• July 16: Degis, Overtime and Potluck Labs
• July 09: OpenLuck, MoonDAO, RoboVault and Dvision

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What Is Chainlink:

Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries and offers global enterprises and leading data providers a universal gateway to all blockchains.

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Where to find Chainlink:‍

Website | Twitter | Docs | Community

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What Is Swingby:

Swingby is a protocol for moving between blockchains without a central custodian. Swingby's first product is Skybridge which provides trustless bridges between Bitcoin, Ethereum, Binance Smart Chain (BSC), and other chains. Skybridge executes token swaps using a network of Metanodes that are powered by multi-party computing and layer-2 technology. Each bridge exists as a proof-of-stake network.

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Where to find Swingby:‍

Website | Twitter

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What Is Biswap:

Biswap is a decentralized exchange (DEX) that allows users to swap tokens on the BNB Smart Chain. Besides having a novel referral system and low trading fees, Biswap offers various products and services.

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Where to find Biswap:‍

Website | Twitter

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What Is Tulip Protocol:

Tulip Protocol is a yield aggregation platform built on Solana with auto-compounding vault strategies. The dApp also integrated leveraged yield farming and lending pools, providing an investment with suitable risk rewards for any DeFi user.

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Where to find Tulip Protocol:‍

Website | Twitter

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What Is Metis:

Metis Andromeda is a Layer-2 built on Ethereum. Led by the Metis DAO, Andromeda has several unique capabilities, such as a Peer-to-Peer Sequencer layer and built-in extended features for Decentralized Autonomous Companies (DACs). Projects and sub-communities on Andromeda leverage these comprehensive L2 features to bring their Web 3 vision to life.

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Where to find Metis:‍

Website | Twitter

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