Hassan Maishera
Chainlink announced via X on Monday that it has partnered with Solv Protocol to introduce a new Secure Exchange Rate feed for SolvBTC on Ethereum, powered by Chainlink Proof of Reserve.
The SolvBTC-BTC Secure Exchange Rate feed is a feed that calculates SolvBTC’s redemption rate, leveraging the latest BTC reserve data delivered by Chainlink Proof of Reserve.
The Secure Exchange Rate feed includes built-in upper and lower bounds based on the proof of reserves data, making it resistant to manipulation and more secure for use in lending markets such as Aave. The verified rate can be composed with Chainlink’s BTC-USD Price Feed to derive a stable USD market price for SolvBTC, enabling transparent collateralization and underwriting.
Solv Protocol also plans to leverage Chainlink's Secure Mint feature, which utilizes Chainlink Proof of Reserve to help ensure SolvBTC assets cannot be minted unless there is sufficient BTC reserves to maintain a 1-to-1 backing.
Chainlink Network (LINK) aims to provide tamper-proof inputs and outputs of data for smart contracts on any blockchain. LINK is down by 2.87% over the past 24 hours and is trading at $22.49 at press time.
