Chainlink

Thomas Dugauquier, the Swift Tokenized Assets Product Lead, has shared insights on the collaboration between Swift and Chainlink. This partnership aimed to demonstrate how existing financial infrastructure can integrate with blockchain technology. By leveraging Chainlink's decentralized oracle network, Swift was able to securely connect its traditional financial messaging system to blockchain networks, enabling the tokenization of assets and facilitating cross-border transactions. This collaboration highlights the potential for traditional finance and decentralized systems to coexist and interoperate, paving the way for broader adoption of blockchain solutions in the financial sector.

Chainlink is hosting a Developer Bootcamp from Monday, March 29th, 2024, offering sessions in English, Mandarin, Portuguese, Spanish, and Turkish. Participants will have the opportunity to build decentralized applications (dApps), explore decentralized finance (DeFi) protocols, and experience on-chain gaming. The bootcamp aims to expand Web3 skillsets and drive adoption of decentralized technologies.

Chainlink has announced the integration of new price feeds for various cryptocurrencies on different blockchain networks. The COMP/USD Price Feed has been integrated on Optimism, allowing developers to build secure DeFi markets around Compound's token. Previously, the AVAX/USD Price Feed was integrated on Arbitrum for Avalanche's token, and the AAVE/USD Price Feed was added on Linea Build for Aave's token. These hyper-reliable, highly secure, and decentralized price feeds from Chainlink underpin the development of DeFi applications by providing credibly neutral and accurate price data.

According to reports, global markets are transitioning towards decentralized financial market infrastructure (dFMI) comprising blockchains, smart contracts, and Chainlink technology. This move aims to enhance efficiency, resilience, and security in financial operations. Sergey Nazarov, a prominent figure in the industry, has provided insights into the adoption of dFMI.

Alaska Gold Rush, a Web3 gaming platform set in the historic Klondike Gold Rush era, has joined the Chainlink BUILD program. As part of the program, Alaska Gold Rush will gain enhanced access to Chainlink's oracle services and technical support, which will help support the security and use of multi-chain Web3 gaming. In return, Alaska Gold Rush will make 3% of its total native token supply available to Chainlink service providers, including stakers. The gaming platform will also receive key benefits such as access to Chainlink CCIP for secure cross-chain transfers, early access to new Chainlink product releases, and other benefits.

The multi-chain liquid staking protocol StaFi has integrated Chainlink's Cross-Chain Interoperability Protocol (CCIP) and Automation services to enable secure cross-chain liquid staking capabilities. By utilizing these industry-standard Chainlink services, StaFi has introduced advanced features that facilitate the development of decentralized applications (dApps) and drive the adoption of Web3 technologies.

The Chainlink community has highlighted the importance of Proof of Reserve for stablecoins. Chainlink, a decentralized oracle network, enables the connection of real-world data and systems to blockchains, facilitating the development of advanced decentralized applications (dApps) that drive Web3 adoption. The community suggests that Chainlink's Proof of Reserve could provide transparency and accountability for stablecoin reserves, ensuring their backing and stability.

Major banks like Citigroup are adopting blockchain technology, which connects data and systems to blockchains. This allows developers to create advanced decentralized applications (dApps) that could drive wider adoption of Web3 technologies.

According to recent reports, bridge hacks have accounted for nearly 40% of the total value hacked in the Web3 ecosystem. Cross-chain vulnerabilities have been identified as a major security concern, with seven specific vulnerabilities highlighted as potential risks for users of cross-chain protocols. To better protect themselves, users are advised to understand and mitigate these vulnerabilities.

The article discusses the importance of rate limiting as a security measure in Web3, particularly for cross-chain bridges. Rate limiting caps the amount of value that can be transferred between chains within a given time span, acting as a last line of defense against hacks or exploits. Even if other security measures fail, rate limits can limit the amount of value that can be extracted. The article encourages users to inquire about rate limiting when using cross-chain bridges and holding wrapped assets in Web3 wallets.