Chainlink Network has been quite a rage since 2020 when a lot of new projects have been deployed on its ecosystem. Neutrino protocol announced integration with the Chainlink network, which allows the network to transfer Neutrino stablecoin and other supported crypto tokens on the blockchain.
Neutrino will use Chainlink Proof of Reserves Oracles to provide OnDemand, regular verification of the on-chain assets’ collateral value.
Neutrino Incorporates Chainlink Proof of Reserves Oracles
With the integration cross-chain efficiency of the applications built on both Ethereum and Waves, blockchain would increase immensely. As per the announcement from Neutrino, the Neutrino protocol and Chainlink network would help in an uninterrupted and smooth transfer of USDN and another token on Ethereum and Neutrino Waves blockchain.
The Chainlink proof of reserve oracles would allow the system to regularly provide on-demand verifications of the reserves backed on USDN across various blockchains on which the token is issued and thus ensure “full tokenization.” Chain link’s oracles are highly mature and trusted among the industry players.
Chainlink is one of the most popular and secure ways to use smart contracts that allow developers on various blockchains to connect with various data sources and access real-world data. The decentralized community running Chainlink ensures that reliable data feeds and secure information empowers the overall decentralized finance ecosystem.
Neutrino team says that it is important to use mature oracles like Chainlink to monitor the external off-chain service (oracle) that monitors the locked balance on the Waves gateway account and verifies that there is the same amount of USDN tokens issued on Ethereum. To ensure that the systems are completely transparent and secure, Chainlink’s proof or reserve oracles provide the necessary data to the smart contracts to calculate the value of the on-chain assets based on off-chain reserves. After being ported on the Ethereum blockchain last year, the Neutrino dollar-pegged stable coin USDN became accessible to Ethereum users who were able to stake rewards for holding the stable coin on their Wallets.
QuiverX Capital limited and Paxos recently announced the integration of Chainlink Proof of Oracles on their network. QuiverX recently announced integrating the customized proof of reserve oracle solution on its crowdfunding portal.
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