Cryptocurrency exchange platform, Gemini is setting up to launch a ChainLink-powered Proof of Reserve Data feed for Ethereum-based, Wrapped Filecoin tokens.
San Francisco, USA-based cryptocurrency exchange, Gemini, on Thursday, the 23rd of September, 2021 announced that the digital assets trading platform was to sponsor a ChainLink-powered Proof of Reserve (PoR) data feed. The announcement comes as part of the crypto exchange platform’s recent launch of an Ethereum-based version of the Filecoin data storage network’s native token, Filecoin ($FIL,) Wrapped Filecoin ($EFIL.)
The Winklevoss Twins’ digital asset brokerage brand’s collaboration with leading blockchain data oracle network is aimed at Decentralized Finance (Defi) platforms to audit $EFIL collateralization, on-chain, before making decisions as to how much of the digital asset will be utilized for which functions (loan collateral, or what have you.)
$FIL is the home-token of the decentralized storage network, Filecoin. Gemini published a wrapped version of the digital asset, in order to bridge the asset to the world’s largest smart contract ecosystem, the Ethereum network, enabling Defi users, as well as other Ethereum platform users access to Filecoin network services.
The Gemini platform-powered wrapping of $FIL tokens is facilitated by a smart contract, which turns $FIL assets into their Ethereum-based counterpart, $EFIL. The smart contract also self-regulates it’s coin supply – Minting, or burning assets when necessary – to maintain parity with Filecoin network $FIL token prices.
The ChainLink tie-in ensures that the data feed is high-speed, and reliable. With Chainlink being the go-to data oracle feed for the blockchain industry – already securing tens of billions worth of data for Aave, Dydx, and Compound – Filecoin users are ensured accurate, real-time, transparent, undoctored information.
“This collaboration with ChainLink will further drive trust and transparency in our Wrapped Filecoin (EFIL) product,” said Tyler Winklevoss, CEO of Gemini. “By providing a Proof of Reserve data feed for EFIL, Chainlink’s decentralized oracle network will instill confidence in EFIL with automatic on-chain audits, helping to secure user funds and ensure the reliability of the system. As we continue to build bridges to DeFi, ChainLink offers a proven oracle infrastructure for helping us realize our vision of building a secure and transparent ecosystem.”
