Swell, a leading player in the DeFi space, has revealed a collaboration with Chainlink. It aims at improving transparency and reliability in liquid staking and restaking. Swell’s new integration is referred to as Chainlink Proof of Reserve on Ethereum. It is a major step in the right direction for Swell. Swell’s latest Chainlink-integrated feed aims to provide more on-chain visibility to its users concerning the reserves backing rswETH, a Liquid Restaking token by Swell.
.@swellnetworkio has integrated #Chainlink Proof of Reserve to help monitor reserves for its liquid restaking token rswETH.
Additionally, Chainlink CCIP will support Swell Chain—the upcoming staking-focused layer 2.
Learn more: https://t.co/cy71SOGMoU
— Chainlink (@chainlink) April 9, 2024
Chainlink Enhances Liquid Staking Ecosystem for Swell Users
The move signifies Swell’s dedication to offering increased transparency to its users to foster more trust and confidence in the reserves backing their rswETH tokens. The Chainlink PoR feed continues to operate as a monitoring service for the Liquid Restakers to be able to verify and track the whole reserve size. It preserves them as truth seekers and honest participants in the system. For the rswETH reserves, it is important to verify the number of ETH that’s being over-collateralized at any time, in real-time.
Chainlink continues to provide rswETH users with high-quality data and real-time support. In addition to this, it improves the overall Liquid Staking and Restaking ecosystem. Chainlink is supporting Swell Mishima’s Swell L2 with Chainlink’s CCIP to ensure the reliable transfer of ETH assets across the chain. In addition, Swell joined hands with Chainlink BUILD, an initiative that has vastly supported Swell’s LST and the Liquidity Restaking token.
Chainlink BUILD Boosts Swell’s TVT Beyond $1 Billion Milestone
Chainlink BUILD has helped several more advanced settings by enabling CCIP to ensure the Chain’s price feed continues to be a landmark by racking over $1 billion to TVT, which encompasses LST and the LRT. According to Swell Founder, Daniel Dizon, the integration of Chainlink is a vital aspect that Swell has seen, adding that Swell L2 will be supported by Chainlink in the long run.
Meanwhile, Chainlink has done over $10 trillion in value transfer within its cross-chain and other off-chain applications. Heavily decentralized computation network leverages artificial intelligence technology. It is fully decentralized for other DeFi, Startups, SMEs and MNC’s to invest and trade with other integral cryptocurrencies.
In short, this new collaboration between Swell and Chainlink is an essential milestone in the future of liquid staking. With strong Chainlink-integrated solutions, Swell is setting up the stage for transparency, reliability, and efficiency.