Interest Protocol announces that it has collaborated with Chainlink Labs to further its mission of bringing more capital efficiency to the DeFi ecosystem. The collaboration is strategic, including the integration of Chainlink Keepers, Chainlink Proof of Reserves, and go-to-market advice.
While Chainlink Keepers will enable the platform to automate its smart contract functions, Chainlink Proof of Reserves will look to offer robust oracles for off-chain asset attestations. Once integrated, Interest Protocol will access the experience and strength of Chainlink in security and data collection.
Leveraging the same will allow Interest Protocol to do its part in growing the DeFi ecosystem.
Johann Eid, the Vice President of go-to-market Chainlink Labs, expressed excitement on behalf of the entire team by saying that the team would enable Interest Protocol to scale its platform faster while saving engineering resources and bringing more capital efficiency to the DeFi sphere.
The integration of Interest Protocol and Chainlink Labs follows the integration of Interest Protocol and Chainlink Price Feeds, which was done to get access to tamper-proof and high-quality data.
Integration of Interest Protocol with Chainlink Labs makes it one of the first players in the industry to get its hands on the features that are expected to bring the next wave in the Decentralized Finance industry. The objective of integrating Chainlink Keepers is to automate the functionality of smart contracts in a decentralized and cost-effective manner.
Chainlink takes giant leaps to establish its strong ground in the crypto world by offering decentralized transaction automation services. And that helps to secure tens of billions of dollars in DeFi, NFT, and many other industries using Chainlink Keepers.
Moreover, Chainlink Keepers will be utilized by Interest Protocol to monitor the solvency and insolvency of its loans. The automated feature will trigger liquidation once it identifies a loan that is without, or with less, collateralization. Chainlink Keeper is a trusted partner as it is operated by the same node operators that have been tested over time during the worst scenario of the network.
Chainlink Proof of Reserves automatically verifies the off-chain collateral in real time to protect users from fraudulent and substandard activities on the network.
Chainlink Proof of Reserves is a perfect alternative to paper guarantees that users otherwise have to use with no other option. Chainlink Proof of Reserves can be deployed to provide users with a superior guarantee of an asset’s underlying collateralization. It can also be used to secure redeeming, minting, and burning of wrapped assets.
Interest Protocol is a borrow/lend protocol that brings a reserve system to the users who can collateralize wETH, UNI, and wBTC instead of putting their houses on the table for a bargain.
The process starts with users depositing the token into the protocol. This is followed by users earning a fair share based on the borrower’s fees.
Chainlink is an industry standard for oracle services, known for building and selling the same. The network secures billions of dollars for major industries like insurance, DeFi, and gaming.