Celsius, a popular lending platform, recently announced an integration with the Chainlink Proof of Reserve (PoR) system. This is so as to allow the creation of cross-chain secure and auditable wrapped tokens. Celsius also stated that it would use the integration to bridge wrapped versions of some digital currencies to the Polygon mainnet. For now, these include Cardano (ADA), Dogecoin (DOGE), and Ethereum (ETH). The lending platform said that it had plans to bridge more tokens down the stretch.
Users of the tokens will be able to unlock cross-chain utility. This grants access to decentralized finance ecosystems that exist on non-native protocols. The Celsius team issued a statement in a blog post, saying:
“Through this integration, smart contract developers can build more advanced applications with non-native blockchain tokens, unlocking liquidity and bringing more interoperability to the blockchain ecosystem.”
In addition, Celsius also acknowledged its DeFi engineering arm CelsiusX, which it says it has been collaborating with on the initiative.
Chainlink
Like many other DeFi platforms, Chainlink had a successful run last year due to the growth explosion in the space. As a result, Chainlink is currently one of the most integrated networks available, with more than 700 oracle networks. The Ethereum-based decentralized blockchain oracle network looks to build interoperability between different blockchains going forward.
