*Wrapped ADA, DOGE, and ETH are now available on Polygon.

Celsius is excited to announce that — in collaboration with our DeFi engineering arm CelsiusX — we have integrated Chainlink Proof of Reserve (PoR) to unlock cross-chain liquidity through wrapped tokens. This integration represents a pioneering approach to creating a hybrid CeDeFi application and marks one of the first instances of PoR being used in-production to help audit and secure the on-chain minting, redeeming, and burning of wrapped cross-chain tokens.

The integration involves bridging wrapped versions of ADA, DOGE, and ETH to Polygon mainnet, enabling smart contract developers to create advanced decentralized applications while utilizing non-native blockchain tokens. The Cardano, Dogecoin, and Ethereum communities can now securely lock up their tokens to access a wide range of DeFi applications on Polygon, including decentralized exchanges, lending and borrowing, yield farms, and more. The result of this integration is a seamless union between CeFi and DeFi enabled by hybrid infrastructure involving a trustless layer that creates interoperability and unlocks cross-chain liquidity in the blockchain space.

Wrapped tokens are on-chain assets that are pegged 1:1 to the value of another asset. The mechanism ensuring that the peg is held between the wrapped token and the underlying asset can vary between different designs, but it traditionally involves opaque manual processes, with users unable to verify asset reserves on-chain, or a single party or a small number of parties controlling the issuance or supply, subjecting the wrapped tokens to centralization and a single point of failure.