Chainlink and Swell Network Collaborate: Enhancing Transparency with rswETH Monitoring

Telefónica X Chainlink Functions

  • Chainlink and Swell Network have entered into a strategic partnership that will accelerate ecosystem adoption and enhance transparency in the two platforms.
  • Swell will look to integrate Chainlink Proof of Reserve to help monitor rswETH reserves in a reliable and timely manner.

Chainlink and Swell Network have announced their strategic partnership that will see Swell integrate the industry-standard Chainlink Proof of Reserve (PoR) for rswETH. Furthermore, Chainlink will support Swell L2 with Chainlink CCIP.

This integration will enhance transparency around the reserves of rswETH, the network’s liquid restaking token. Integrating the industry-standard Chainlink Proof of Reserve (PoR) the ETH reserves backing rswETH tokens, will be a major boost for investors, helping power liquid staking and restaking across DeFi.

Chainlink will further expand its multi-year collaboration with Swell by supporting Swell L2, the upcoming Layer 2 for restaking, through Chainlink CCIP. This integration strengthens Chainlink and Swell’s ecosystems as they look to dominate the growing DeFi market.

Swell Founder Daniel Dizon, celebrated this collaboration noting that this was a long-term project. “We’re thrilled to integrate the industry-standard Chainlink Proof of Reserve to help monitor rswETH reserves in a reliable and timely manner. We’re also excited that Chainlink will support Swell L2 with Chainlink CCIP. By continuing our long-standing collaboration with Chainlink, we’re able to more effectively drive the growth of staking and restaking across DeFi.” He added.

Simultaneously, Chainlink founder Sergey Nazarov has been speaking on tokenization at the Hong Kong Web3 Festival 2024. The founder foresees the rebuilding of the world in a blockchain format.

Chainlink has been at the forefront of building technology and infrastructure that will facilitate the tokenization of real-world assets as the trend picks up pace. As CNF reported at the start of the month, Chainlink-powered asset tokenization is projected to become the biggest game-changer for multiple companies.

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Chainlink’s decentralized verification service, Chainlink Proof of Reserve (PoR), will play a pivotal role in ensuring the integrity and security of tokenized assets. By relaying off-chain data onto the blockchain, Chainlink PoR offers unparalleled transparency, providing users with verifiable information crucial for asset valuation and collateralization.

Chainlink (LINK) Price Update

At the time of writing, Chainlink’s native token LINK is down by nearly 3% and is exchanging for $17.09. The digital asset has come under bearish pressure in recent weeks and is down by nearly 4% in the last 7 days. The price trend has largely been influenced by the Bitcoin (BTC) price trend. The market leader has dropped below the $69,000 support but remains largely bullish based on the upcoming Bitcoin halving.

As Bitcoin turns bullish, LINK is expected to be among the altcoins to ride the bullish wave. By the end of the year, LINK is eyeing its all-time high of $52 reached in May 2021.

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