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avalanche 4976773 4159439
February 8, 2023March 2, 2023

Aave Boosts Transparency with Integration of Chain link’s Proof of Reserve on Avalanche

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Aave, a decentralized lending platform on the Avalanche blockchain, has integrated Chainlink’s Proof of Reserve (PoR) feature, increasing transparency for monitoring the financial state of its liquidity pools. The integration was led by BGD Labs, a development firm focused on the Aave ecosystem.

Proof of Reserve is a feature offered by Chainlink, a decentralized oracle network, that provides real-time, on-chain data feeds that automate the monitoring of financial states of various platforms. This integration will allow users of the Aave platform to verify that its markets are collateralized and reduce the risks associated with using wrapped tokens.

Avalanche is a blockchain platform that enables bridging of Ethereum-based tokens, allowing them to be used on Aave. The process works by locking up an amount of tokens and issuing an equivalent number of tokens on Avalanche, a process called wrapping. The integration of Chainlink’s PoR will help build more confidence and trust with end-users by providing additional visibility into the reserve collateral.

“Bringing additional visibility into reserve collateral is a necessary step forward and will help build more confidence and trust with end-users,” said Stani Kulechov, founder and CEO of Aave Companies. “Real-time access to the state of cross-chain liquidity pools increases the transparency and verifiability of the Aave market on Avalanche.”

The Aave token, with the ticker symbol AAVE, is the native token of the Aave platform and can be used for various purposes within the ecosystem, such as paying fees, participating in governance, and accessing premium features.

In conclusion, the integration of Chainlink’s PoR on Aave’s platform on the Avalanche blockchain is a significant development for the platform and its users. It will increase transparency, reduce risks, and help build more confidence and trust in the platform.

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