Swell incorporates Chainlink Proof of Reserve

Swell with immense pleasure in officially announcing having incorporated Chainlink Proof of Reserve (PoR) on Ethereum. This is to be able to ascertain the fact that the swETH tokens are supported by staked ETH on a 1:1 ratio. In the recent past, the entity had similarly declared the incorporation of Chainlink Price Feeds for making available dependable, as well as authenticated data which assists in determining gas prices in the case of transactions and also showcases them in USD-denominated ways. At that very time, Swell was engaged in incorporating Chainlink Proof of Reserve, a tracking service for the sake of on-chain and off-chain assets. 

Chainlink Proof of Reserve is known to offer a high-level tracking service related to the ETH reserves supporting swETH. This comes with dependable, as well as periodic updates, which help bring about different faith and clarity in users’ minds. It also ensures that the reserves remain totally supported on Ethereum’s Beacon chain. 

According to the Co-Founder and CEO of Swell Network, Daniel Dizon, Chainlink Proof of Reserve provides the opportunity for users to have complete clarity regarding the reserves supporting swETH. They can also keep accurate track of real-time updates on matters related to swETH reserve balances, which satisfies the user that all tokens are supported on a 1:1 ratio by staked ETH. 

The Chainlink Proof of Reserve is accessible for off-chain and cross-chain assets. The PoR feed is a sort of cross-chain reserves feed through which Swell Network can self-attest which wallet they own through the IPoRAdressList wallet address manager contract. It then becomes possible for the feed to calculate and notify the total cross-chain reserves. 

Where Chainlink is concerned, it is the benchmark for Web3 services platform that has been instrumental in carrying out massive amounts in terms of transaction volume throughout DeFi, as well as insurance, gaming, NFTs, and many other industries. 

In Swell’s case, a non-custodial Ethereum liquid staking protocol simplifies the process of staking ETH and makes available DeFi strategies in a single spot.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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