Swell Integrates Chainlink Proof of Reserve to Help Monitor Liquid Staking Collateral
Chainlink Proof of Reserve provides a best-in-class monitoring service for the ETH reserves backing swETH.
May 16, 2023
We’re thrilled to announce the integration of Chainlink Proof of Reserve (PoR) on Ethereum, to help ensure that swETH tokens are fully backed by staked ETH on a 1:1 basis.
Previously, Swell announced the integration of Chainlink Price Feeds to access hyper-reliable and globally accurate price data that helps estimate gas costs for transactions, and display them in USD-denominated terms. At the time, Swell was still in the process of integrating Chainlink Proof of Reserve—a monitoring service for off-chain or cross-chain assets.
Chainlink Proof of Reserve provides a best-in-class monitoring service for the ETH reserves backing swETH, with reliable and timely updates that help give users increased confidence and transparency into whether or not reserves are fully backed at all times on Ethereum’s Beacon chain. Users can now check the Proof of Reserve feed here.
“Chainlink Proof of Reserve helps us provide our users with unmatched transparency into the reserves backing swETH. Users now have a one-stop destination for checking near real-time updates on swETH reserve balances, providing peace of mind that every token is backed 1:1 by staked ETH.” —Daniel Dizon, Co-Founder and CEO of Swell Network.
Chainlink Proof of Reserve is available for both off-chain assets and cross-chain assets. This PoR feed is a type of cross-chain reserves feed where Swell Network self-attests to which wallet we own via the IPoRAddressList wallet address manager contract. The feed then calculates and reports total cross-chain reserves. Learn more about evaluating data sources and risks.
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.