Solv is expanding its existing integration with Chainlink Proof of Reserve to offer on-chain transparency across its entire TVL protocol, not just SolvBTC. With this integration, users will have greater visibility into Solv’s entire TVL. Integrating Chainlink’s reserve data into Solv’s on-chain allows the Solv network to develop automated logic around reserve data to back its assets. This also allows Solv to develop new applications and capabilities, such as automated on-chain risk management.
Additionally, with this integration, Chainlink’s Proof of Reserve plays a major role in Solv protocol minting. On-chain minting refers to the process of creating new SolvBTC coins by depositing Bitcoin or wrapped Bitcoin (BTCB or WBTC). Chainlink’s POR helps secure Solv’s minting process. It protects against malicious minting by using secure encryption that backs up new tokens, thereby helping to prevent countless minting attacks.
Chainlink POR feeds can be visibly seen by anybody in real-time. This is essential as it allows any user to verify Solv’s asset collateralization, thus helping to create enhanced transparency and trust in Solv’s on-chain offerings.
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