Hassan Maishera
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.
