CACHE Gold is a DeFi protocol which supports fully backed and redeemable tokenized gold assets. It has now integrated Chainlink Proof of Reserve onto the Polygon mainnet. CACHE Gold users will now be able to verify that on-chain cross-chain CACHE Gold (CGT tokens) on Polygon have been fully backed in an 1:1 ratio by CGT tokens on Ethereum.
Polygon has added Chainlink Proof of Reserve to its integration. This integration is a continuation of the Chainlink Proof of Reserve (and Chainlink Price Feeds) integrations that were made on the Ethereum mainnet. Users can monitor the CGT tokens backing locked gold with the integration on Ethereum. It also allows users to accurately verify that the token’s value accurately reflects the real-world market price of gold.
Combining Chainlink integrations gives you the assurance that enough real-world gold reserves will bake the CGT tokens at Polygon.
The CACHE Gold Token, (CGT).
The CGT token, a fully backed and redeemable tokenized gold asset, is fully regulated. One CGT token is one gram pure gold, stored in vaults all over the globe.
The CACHE Gold protocol guarantees that there are no more CGT tokens than physical gold. GramChain, an asset tracking platform, tracks each gram and verifies that it is valid. Chainlink Proof of Reserve The proof is posted on-chain.
Chainlink Proof of Reserve’s recurring verification allows transparency about the status of the reserve funds 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 you to automate smart contracts on-chain. It keeps up-to date reference contracts, eliminating the need for manual audits. The data is sourced from premium providers who are financially incentivized and can be easily interpreted.
Chainlink Proof Of Reserve Feeds are also distributed at the oracle level and data source, thus eliminating central points for failure in the sourcing and delivery external data to Polygon.
Chainlink Proof Of Reserve Feeds is also transparent. They can be viewed by anyone at any time. This allows users to independently verify asset collateralization.
