Cryptocurrency

Interest Protocol partners with Chainlink Labs to bring more security to DeFi lending

interest protocol We have entered into a strategic partnership with Chainlink Labs to enhance the security of our platform.

Lending Protocol has received strategic advice from the company and will integrate two new Chainlink features set to create a more robust and efficient user experience.

Chainlink Expertise Comes to Interest Protocol

Interest Protocol (IP), launched in June 2022, is one of the newest lending platforms on the market. The platform had already integrated Chainlink price feeds, which allowed the platform to market user-submitted collateral with tamper-proof price data.

Apart from receiving strategic advice from Chainlink Labs, the partnership will allow IPs to integrate both Chainlink Keepers and Chainlink Proof of Reserve (PoR).

Chainlink Keepers is a distributed transaction automation service operated by Chainlink node operators. This will allow IPs to automate smart contract functions and monitor loan bankruptcies. The Keepers network automatically liquidates loans that are found to have insufficient collateral.

Proof-of-Reserve autonomously verifies off-chain collateral in real time. Integrating PoR protects her IP users from fraud by off-chain custodians, such as substandard booking practices and lack of disclosure. Deploying Chainlink PoR will automate on-chain verification and provide users with the assurance of the underlying collateral of their assets.

Getty Hill, founder of GFX Labs, the company behind the IP, said that Oracle will help financial tools because it ensures automation of smart contracts, enables real-time readiness verification, and provides high-quality market data. Working with Chainlink Labs and integrating their solutions will help the company build a more transparent and capital efficient DeFi ecosystem, she told CryptoSlate.

Johann Eid, vice president of go-to-market at Chainlink Labs, said: 鈥淏y integrating multiple Chainlink trust-minimized services, Interest Protocol will scale its platform faster, saving valuable engineering resources and achieving its goal of bringing more capital efficiency to DeFi. You can get closer.”

Posted In: Chainlink, DeFi

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