Enhanced DeFi Transparency Achieved through Collaboration with Chainlink

Swell, a prominent player in the DeFi sector, has announced a partnership with Chainlink to enhance transparency and reliability in liquid staking and restaking. The integration, known as Chainlink Proof of Reserve on Ethereum, marks a significant advancement for Swell. This collaboration aims to offer on-chain visibility to users regarding the reserves supporting rswETH, a Liquid Restaking token by Swell.

The integration of Chainlink PoR feed provides a monitoring service for Liquid Restakers to verify and track the reserve size in real-time, ensuring transparency and trust in the system. This move demonstrates Swell’s commitment to increasing trust and confidence among its users.

Furthermore, Chainlink’s support extends to Swell Mishima’s Swell L2 with Chainlink’s CCIP, enhancing the transfer of ETH assets across the chain. The collaboration with Chainlink BUILD has also contributed to Swell’s TVT surpassing the billion milestone, supporting advanced settings and boosting liquidity.

According to Swell Founder Daniel Dizon, the integration of Chainlink is a crucial development for Swell, paving the way for a reliable and efficient liquid staking ecosystem. Chainlink’s track record of over trillion in value transfer across various applications showcases its expertise in decentralized computation and AI technology.

In conclusion, the partnership between Swell and Chainlink signifies a significant step towards the future of liquid staking. With robust Chainlink-integrated solutions, Swell is poised to enhance transparency, reliability, and efficiency in the DeFi space.