Lendvest announces its integration with Chainlink CCIP intending to offer support to the cross-chain credit system. The integration grants Lendvest access to the arbitrary messaging functionality of CCIP, which will be leveraged to architect a cross-chain credit score system in the decentralized finance sector, DeFi.
Through this partnership, Lendvest aims to enable low-cost transmission between Avalanche and Ethereum for credit score messages.
Lendvest is an excellent fit for the integration because there is currently no credit score framework in the industry. The ecosystem lacks the material benefits that crypto users crave. On-chain data is all that a venture has to tap into, and the sphere is pretty much open to serving the community with innovation. Lendvest is willing to do that with the specific aim of aggregating on-chain data to create decentralized data feeds for verifiable credit scores.
It will be up to the users to request a credit score on one chain, following which the model can be replicated for other chains. This will help them seamlessly claim the benefits while seeing the results of their action in a near-instant moment.
Chainlink CCIP has the reputation of being a solution that is reliable and highly secure. Chainlink has often been linked to its industry-standard Oracle Services. However, the integration takes into account the CCIP aspect of its ecosystem for a different set of benefits altogether. These include integration, security, reliability, future-proof nature, and a scalable architecture.
Lendvest looks forward to utilizing as much of Chain Link’s infrastructure as feasible, given that it is aware of the ecosystem’s size. It is now a part of Chainlink’s BUILD program. In other words, the community can anticipate that Lendvest will shortly incorporate Chainlink price feeds without introducing an additional trust assumption.
Joshua Gottlieb, a Co-Founder of Lendvest, has expressed excitement with the integration while stating that their mission is to unlock a seamless cross-chain credit score system in decentralized finance.
Risk Management Network supports the CCIP. At a time when industry exploits are on the increase, this reinforces the integration by adding an additional layer of security. In addition, platforms have reported losing billions of dollars to hackers, with consumers suffering as a result. The Risk Management Network operates independently to monitor and track activities, ensuring that the network does not observe any suspicious behavior.
Chainlink also has the reputation of securing billions of dollars for industries like gaming, insurance, and NFT, among others. It grants seamless access to real-world data and off-chain computation.
Lendvest is headed in the direction of becoming the most decentralized lending platform that algorithmically gauges the risk profile to better adjust returns for an individual user.
Lendvest announced on July 27, 2023, that it had joined the BUILD Program of Chainlink with the aim of accelerating the growth of the ecosystem and adoption of Web3.
