Oracle network Chainlink announces new Celsius partnership, new advisors
Decentralised oracle network Chainlink has taken two big steps this week to unlock the multi-chain future that people keep talking about.
First custodial DeFi platform Celsius said it would integrate Chainlink’s “proof of reserve” system to create wrapped tokens that unlock cross-chain liquidity.
Celsius will use the system to bridge wrapped versions of ADA, DOGE and ETH to the Polygon mainnet, with plans to bridge more tokens in the near future.
For example, the system will allow ADA tokens to be deposited to a Celsius wallet, with wrapped cxADA available to be minted on Polygon when the Chainlink proof of reserve system determines the vault is overcollateralised. To redeem the native ADA tokens from the vault, the cxADA token must first be burned.
“Celsius’ integration of Chainlink PoR will mark another large leap towards creating hybrid CeDeFi systems that combine CeFi’s functionality and performance with DeFi’s decentralization and transparency guarantee,” said Celsius network founder and chief executive Alex Mashinsky.
Chainlink Labs also announced on Thursday that Diem co-creator and chief economist Christian Catalini and renowned Stanford cryptographer Dan Boneh have joined the company as strategic advisors.
They’ll be working on the project’s Cross-Chain Interoperability Protocol, a forthcoming standard for inter-blockchain messaging and data movements.
“Since announcing our approach to blockchain interoperability via CCIP in 2021, multiple projects with several billion dollars in smart contract value have already publicly committed to using the protocol at launch,” said Chainlink co-founder Sergey Nazarov.
“To ensure that CCIP launches as the most secure cross-chain protocol in the world, we’re bringing on some of the greatest minds in crypto-economics and cryptography to work with us.”
He called Boneh and Catalini two of the most accomplished academics in the industry.
“While the blockchain industry is rapidly entering a world where multiple chains will thrive, they remain largely disconnected ecosystems,” said Catalini.
“The Chainlink oracle network can serve as a neutral and open layer that connects the world’s blockchains and I look forward to contributing to this vital piece of interoperability infrastructure.”
Chainlink’s LINK token was up 0.1 per cent to $14.94 at lunchtime (Sydney time).
Overall the crypto market stood at US$1.74 trillion, down 0.4 per cent from 24 hours ago.
Bitcoin was up 1.8 per cent to US$36,900, while Ethereum was down 0.7 per cent to US$2,396.
Safemoon was the biggest gainer in the top 100, up 15.6 per cent to US0.19c, while Convex Finance was the biggest loser, down 10 per cent to $23.18.