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Nexus Mutual Uses The Chainlink Proof Of Reserve

Twitter icon  •  Published 2 years ago  •  Hassan Maishera

Nexus Mutual, a decentralized insurance alternative built on the Ethereum blockchain, has utilized Chainlink Proof of Reserve in the Enzyme integration required for its recent investment allocation on the Ethereum mainnet.

Chainlink announced via Twitter on Tuesday that Nexus Mutual, a decentralized insurance alternative built on the Ethereum blockchain, has utilized Chainlink Proof of Reserve in the Enzyme integration required for its recent investment allocation on the Ethereum mainnet.

Nexus Mutual said Chainlink Proof of Reserve enables the reliable and timely monitoring of off-chain or cross-chain reserves using automated verification based on cryptographic truth. The team said it is using Chainlink Proof of Reserve to track, verify, and report the price per share of interest-bearing tokens held in its Enzyme vault, which represents its deposit in lending protocol Maple Finance.

Chainlink Network (LINK) aims to provide tamper-proof inputs and outputs of data for smart contracts on any blockchain. LINK is up by more than 4% over the past 24 hours and is trading at $7.133at press time.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.