Chainlink Weekly Roundup: Huobi, StablR and Bitcoin.com
Smart contract oracle network Chainlink cooperates with Huobi exchange, StablR Euro stablecoin and Bitcoin.com crypto information platform.
Chainlink for CEX, Stablecoin, Crypto Ecosystem
Chainlink continues to demonstrate the flexibility of its smart contract network, announcing partnerships with a major centralized exchange (CEX), a Euro stablecoin issuer, and a growing crypto ecosystem.
This week we also see how more projects are starting to use Chainlink Proof of Reserve (PoR) as transparency for projects increases in the ecosystem.
In this week’s recap:
PoR for BTC reserves
The collapse of the FTX empire has forced crypto exchanges to accelerate moves toward transparency and accountability, starting with public demonstrations that users’ escrow assets are backed by sufficient funds.
Major CEX Huobi uses Chainlink PoR to provide transparency for its HBTC H token, by verifying that the amount of BTC in Huobi’s Bitcoin wallets matches the amount of HBTC (Huobi’s wrapped BTC token) on Ethereum.
“We are pleased that Huobi is using Chainlink Proof of Reserve to help increase the transparency of the reserves of HBTC. Bringing more transparency to packaged assets is critical to the health and continued growth of the DeFi ecosystem,” said Tomasz Wojewoda, Head for global sales at Chainlink Labs, in a statement on Huobi’s website.
“Reducing the risk around wrapped assets is critical to the future growth of DeFi, especially as it becomes more interconnected with traditional markets. By using Chainlink Proof of Reserve, we are now able to increase transparency around HBTC’s security,” said Edward , Huobi’s head of assets and commercial center.
PoR for minting Euro Stablecoin
Reserve certificates are not just for exchange. StablR uses Chainlink PoR to secure the minting of its fully secured euro-backed stablecoin EURR.
When a user requests to mint EURR, Chainlink PoR reports whether Stablr’s euro reserves are sufficient to support the new EURR before minting is approved, ensuring that the EURR is backed 1:1 by euros in reserve.
“We are pleased to integrate Chainlink Proof of Reserve to secure the minting of StablR Euro. As a battle-tested decentralized verification solution, Chainlink PoR helps reduce the risk of infinite coin attacks for StablR Euro, and improves the transparency and verifiability of our stablecoin,” said StablR CEO Ralf Wandmacher in a Medium post.
VERSE Ecosystem
Bitcoin.com, a crypto-asset and self-storage platform, has joined the Chainlink BUILD program to accelerate adoption of the new Verse ecosystem.
“We have chosen to use Chainlink as our preferred oracle solution across Verse’s DApp ecosystem because the Chainlink Network has proven time and time again that it is the most reliable and secure oracle solution in the Web3,” Bitcoin.com CEO Dennis Jarvis said in a press release . “Bitcoin.com is the primary gateway for Web3 newcomers, and leveraging Chainlink services helps ensure they have the best experience as they navigate the many exciting use cases in decentralized finance.”
Originally built on Ethereum, the Verse ecosystem will also include the utility and reward token VERSE, which is on public sale until November 30.
“We are excited to welcome Bitcoin.com and the VERSE ecosystem into Chainlink BUILD. With the support of Chainlink’s secure and reliable oracle services and increased adaptability to the Chainlink ecosystem, VERSE can build next-generation decentralized finance applications that accelerate the pace of Web3 adoption , says Johann Eid, VP of Go-to-Market at Chainlink Labs.
Bitcoin.com “will make several percentage points of the VERSE token supply” available to Chainlink service providers in exchange for enhanced features, support and other benefits.
Last four weekly Chainlink Roundups:
What is Chainlink:
Chainlink is the industry standard for building, accessing and selling oracle services necessary to run hybrid smart contracts on any blockchain. Chainlink oracle network provides smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations to enable 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.
Where to find Chainlink:
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