CACHE Gold, a DeFi protocol that supports fully backed, redeemable and regulated tokenized gold assets, has integrated Chainlink Proof of Reserve on the Polygon mainnet. After the integration CACHE Gold users can now verify on-chain cross-chain CACHE Gold tokens (CGT) on Polygon are fully backed by CGT tokens on Ethereum in a ratio of 1:1.
The latest Chainlink Proof of Reserve integration on Polygon builds upon the previous integration of Chainlink Proof of Reserve and Chainlink Price Feeds on the Ethereum mainnet. The integration on Ethereum helps users monitor the locked gold currently backing the CGT tokens. It also allows users to accurately verify that the token’s value accurately reflects the real-world market price of gold.
The combination of Chainlink integrations gives users an assurance that sufficient real-world gold reserves bake the CGT tokens on Polygon.
The CACHE Gold Token (CGT)
The CGT token is a fully backed, redeemable, and regulated tokenized gold asset. One CGT token represents one gram of pure gold stored in vaults around the world.
The CACHE Gold protocol ensures that the number of CGT tokens in circulation remains equal to the amount of stored physical gold. Every gram of the physical gold is tracked by the asset tracking platform GramChain and then verified by Chainlink Proof of Reserve and the proof is published on-chain.
The recurring verification enabled by Chainlink Proof of Reserve allows for transparency of the actual status of the reserves backing the tokens.
The assets (gold) long viewed by investors as safe-haven assets can now be used as a source of collateral in Polygon’s DeFi ecosystem.
Chainlink Proof of Reserve
Chainlink Proof of Reserve allows for the automation of smart contracts on-chain by keeping up-to-date reference contracts thus removing the need for manual audits. It also provides highly accurate and viable data by sourcing data from financially incentivized premium providers.
Chainlink Proof of Reserve Feeds are also decentralized at the oracle node level and data source thus removing central points of failure in the sourcing and delivery of external data to Polygon.
Lastly, Chainlink Proof of Reserve Feeds is transparent. They can be monitored by anyone in real time; a feature that allows any user to independently verify asset collateralization.
The post CACHE Gold integrates Chainlink Proof of Reserve on Polygon mainnet appeared first on CoinJournal.
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