CACHE Gold
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CACHE Gold

CACHE Gold Integrates Chainlink Proof of Reserve to Secure Tokenized Gold on Polygon

We’re excited to announce that CACHE Gold — a DeFi protocol supporting a fully backed, redeemable, and regulated tokenized gold asset — has integrated Chainlink Proof of Reserve on Polygon mainnet. After this integration of the industry-leading oracle network, which is already responsible for helping secure tens of billions of dollars of value across the DeFi ecosystem, CACHE Gold users can now verify on-chain that cross-chain CACHE Gold tokens (CGT) on Polygon are fully backed 1:1 by CGT tokens on Ethereum.

This latest update builds upon previous integrations of Chainlink Proof of Reserve and Chainlink Price Feeds on Ethereum mainnet to monitor the locked gold currently backing CGT and enables users to verify that the token’s value accurately reflects real-world market prices for gold. Ultimately these combined integrations give users stronger assurances that CGT tokens on Polygon are backed by sufficient reserves of gold in the real world.

CACHE Gold Token is a fully backed, redeemable, and regulated tokenized gold asset. One CGT represents one pure gram of gold stored in vaults around the world. The protocol is designed to ensure that the number of tokens in circulation never exceeds the amount of physical gold stored, with every gram of gold tracked by asset tracking platform GramChain and then verified by Chainlink Proof of Reserve with proof published on-chain.

For on-chain tokens collateralized with off-chain reserves, recurring verification enabled by Chainlink Proof of Reserve helps enhance transparency and ensure the status of the reserves backing the tokens. By transparently verifying in real-time that each token on Polygon is backed 1:1 by tokens on Ethereum, users have an accurate, highly available, and transparent source of information regarding the reserves backing CGT. The end result is that one of the most popular assets in the world, which has long been viewed by some investors as a safe-haven asset, is now usable as a source of collateral within the Polygon DeFi ecosystem.

Some of the notable features of Chainlink Proof of Reserve include:

“We’re excited to integrate Chainlink Proof of Reserve to help provide users with stronger assurances that CGT tokens on Polygon are backed 1:1 by tokens on Ethereum mainnet. By leveraging the industry-leading oracle network, we’re able to more securely bring one of the most popular assets in the world to Polygon’s DeFi ecosystem.” — Brian Hankey, Co-founder of CACHE Gold.

About Chainlink

Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.

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CACHE Gold

CACHE Gold tokens are fully regulated, public, transparent, redeemable tokens backed by gold stored in vaults around the world.