Swell enhances transparency with Chainlink Proof of Reserve

Swell incorporates Chainlink Proof of Reserve (PoR) on Ethereum to offer on-chain clarity revolving around the reserves related to rswETH, a liquid staking token.

Additionally, Chainlink will support Swell L2, a forthcoming Layer 2 meant for restaking with Chainlink CCIP. These incorporations help further the two entities’ long-term association for boosting liquid staking and restaking throughout DeFi.

Chainlink Proof of Reserve offers a high-level tracking solution targeting the ETH reserves that support rswETH tokens. In contrast, the rswETH Chainlink PoR feed offers liquid restakers of Swell, coming with heightened clarity and faith in the ETH reserves.

Chainlink Proof of Reserve is accessible for off-chain and cross-chain assets. The PoR feed is a cross-chain reserve feed in which the Swell network notes the authenticator’s addresses through the IPoRAddressList Wallet Address Manager contract. The feed makes the necessary calculation and divulges complete ETH staked on the Consensus layer. After that, the execution is in the form of added checks about the staking ETH and complete rswETH supply ratio.

Together with linking up with Chainlink BUILD to speed up the advancement of the ecosystem and futuristic acceptance of liquid staking and staking, Swell is utilizing multiple solutions on the Chaink platform.

CCIP is used to harness cross-chain swETH transfers, whereas Price Feeds offer dependable price data to gauge estimated gas prices about transactions. PoR, on the other hand, assists in tracking swETH reserves. Swell has crossed the $1 billion mark of TVL throughout its restaked LST and LRT.

According to Swell’s founder, Daniel Dizon, they are pleased with the incorporation of Chainlink Proof of Reserve for tracking rswETH reserves properly and the backing they will receive for Swell L2 with Chainlink CCIP.

Chainlink is the benchmark for decentralized computing platforms that boost the web’s authenticability. It has been responsible for large volumes of transaction value by offering financial institutions, startups, and builders connectivity with real-time data, off-chain computation, and safe cross-chain interoperability throughout every blockchain.

Swell is among the largest Ethereum liquid staking protocols in the LRT scenario. It has over $1 billion in the form of TVL. Swell’s rswETH is presently the second most significant restaked LST on EigenLayer, with rswETH being one of the most popular LRTs available. It comes with a user base of more than 100,000.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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