Chainlink Weekly Roundup: Huobi, StablR, and Bitcoin.com
Smart contract oracle network Chainlink partners with the 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 oracle network, and announces partnerships with a major Centralized Exchange (CEX), a Euro stablecoin issuer, and a growing crypto ecosystem.
This week, we also see how several projects are beginning to use the Chainlink Proof of Reserve (PoR) as transparency for projects increases in the ecosystem.
In this week’s roundup:
PoR for BTC Reserves
The crash of the FTX empire has compelled crypto exchanges to accelerate moves toward transparency and accountability, starting with public demonstrations that users’ deposited assets are backed by adequate funds.
Major CEX Huobi is using 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 transparency into the reserves of HBTC. Bringing more transparency to wrapped assets is critical for the health and continued growth of the DeFi ecosystem,” said Tomasz Wojewoda, Head of Global Sales at Chainlink Labs, in a statement on Huobi’s website.
“Reducing the risks around wrapped assets is critical for the future growth of DeFi, especially as it becomes more interconnected with traditional markets. By using Chainlink Proof of Reserve, we’re now able to increase transparency around HBTC’s collateralization,” said Edward, Huobi’s Head of Asset and Commercial Center.
PoR for Minting Euro Stablecoin
Proofs of Reserve are not just for exchanges. StablR is using Chainlink PoR to secure the minting of its fully collateralized Euro-backed stablecoin EURR.
When a user requests to mint EURR, Chainlink PoR reports whether Stablr’s Euro reserves are sufficient to back the new EURR before minting is approved, ensuring that EURR is backed 1:1 by Euros in reserve.
“We’re excited to be integrating Chainlink Proof of Reserve to help secure the minting of StablR Euro. As a battle-tested decentralized verification solution, Chainlink PoR helps mitigate the risk of infinite mint attacks for StablR Euro, enhancing the transparency and verifiability of our stablecoin,” StablR CEO Ralf Wandmacher said in a Medium post.
Bitcoin.com, a crypto resources and self-custody platform, has joined the Chainlink BUILD program to accelerate the adoption of its new Verse ecosystem.
“We’ve 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 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 possible while navigating the many exciting use cases in decentralized finance.”
Initially built on Ethereum, the Verse ecosystem will also include utility and rewards token VERSE, which is on public sale until Nov. 30.
“We’re pleased to welcome Bitcoin.com and the VERSE ecosystem into Chainlink BUILD. With the support of Chainlink’s secure and reliable oracle services and increased alignment with the Chainlink ecosystem, VERSE can build next-generation decentralized finance applications that accelerate the pace of Web3 adoption,” said Johann Eid, VP of Go-to-Market at Chainlink Labs.
Bitcoin.com “will make multiple 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 needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling 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: