interest protocol Has entered into a strategic partnership with Chainlink Labs to enhance the security of its platform
Lending Protocol will receive strategic advice from the company and integrate two new Chainlink features that are set to create a more robust and efficient user experience.
Chainlink’s expertise is coming to interest protocols
Launched in June 2022, Interest Protocol (IP) is one of the youngest lending platforms in the market. The platform has already integrated Chainlink price feeds, which has enabled the platform to mark-to-market the collateral posted by its users with tamper-proof price data.
In addition to receiving strategic advice from Chainlink Labs, the partnership will enable IP to integrate both Chainlink Keepers and Chainlink Proof of Reserve (PoR).
Chainlink Keeper is a decentralized transaction automation service operated by Chainlink node operators. This will enable IPs to automate smart contract functions and monitor loans leading to insolvency. Keepers Network will automatically liquidate any loans found to be insufficient collateral.
Proof-of-Reserve verifies off-chain collateral autonomously in real time. Integrating PoR will protect IP users from fraudulent activities from off-chain custodians, such as shoddy reserve practices and lack of disclosure. Deploying Chainlink PoR automates on-chain verification and provides users with guaranteed underlying collateralization of assets.
Getty Hill, founder of GFX Labs, the company behind the IP, said oracles are essential to financial instruments because they secure smart contract automation, enable real-time reserve verification, and provide high-quality market data. We do. He told Cryptooshala that working with Chainlink Labs and integrating their solutions will help the company build a more transparent and capital-efficient DeFi ecosystem.
“We are excited to support Interest Protocol in building a new lending/lending protocol,” said Johan Eid, VP of Go-to-Market at Chainlink Labs. “By integrating multiple Chainlink trust-minimizing services, Interest Protocol can rapidly scale its platform, save precious engineering resources, and move closer to its goal of bringing greater capital efficiency to DeFi.”
Credit : cryptoslate.com