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BENQI Integrates Chainlink Proof Of Reserve And Automation

Twitter icon  •  Published 3 years ago on February 10, 2023  •  Hassan Maishera

BENQI, a leading algorithmic money market protocol on Avalanche, has integrated Chainlink Proof of Reserve and Automation to help secure cross-chain asset lending and borrowing for BTC, ETH, DAI, USDC, and USDT.

BENQI Integrates Chainlink Proof Of Reserve And Automation

Chainlink announced via Twitter on Thursday that BENQI, a leading algorithmic money market protocol on Avalanche, has integrated Chainlink Proof of Reserve and Automation to help secure cross-chain asset lending and borrowing for BTC, ETH, DAI, USDC, and USDT. The combination of these two Chainlink oracle services enables BENQI to employ a defense-in-depth approach to cross-chain asset security.

The team explained that Chainlink Proof of Reserve enables the reliable and timely monitoring of off-chain or cross-chain reserves using automated verification based on cryptographic truth.

Chainlink Network (LINK) aims to provide tamper-proof inputs and outputs of data for smart contracts on any blockchain. LINK is up by 1% over the past 24 hours and is trading at $7.003 at press time.

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Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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