Filecoin Wrapped With Chainlink Proof of Reserves

Last year, Gemini launched wrapped Filecoin, allowing traders to commoditize the utility of the decentralized blockchain-based alternative to cloud storage on the Ethereum blockchain.
Now, Gemini has taken the next step into transforming $EFIL into a DeFi-grade commodity by integrating it within Chainlink’s Proof of Reserve (PoR). Via Chainlink, an oracle, DeFi platforms will be able to audit the reserves of the Filecoin tokens Gemini has wrapped and held in custody. The PoR data feed uses a Chainlink-powered oracle network to check the balances of Gemini’s custody wallet for FIL and push out an on-chain update if there’s a deviation in Gemini-held FIL balances that goes beyond a certain threshold.

Gemini Expands Support For Wrapped Filecoin With Chainlink Proof of Reserves

Now, this is how to properly wrap a token onto a different ecosystem. Look at Verify Stablecoin Collateral With Chainlink Proof of Reserve and Chainlink Proof of Reserve: Bringing Transparency to DeFi Collateral. This is also similar to how the original wrapped Bitcoin (wBTC) token was issued, with BitGo as the custodian of the 1:1 peg with BTC.

This is, actually, not so different to what Blurt proposes; not just some bridge that can be bombed, but a simple chain on Cosmos with a verifiable supply. That you may see many wrapped tokens on many platforms does not, in itself, guarantee that that token has any value that it claims to have - it is just too easy to create any token you wish!

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