AutoShark Deploys Chainlink Price Feeds to Secure Access to Decentralised Price Feeds
We are pleased to announce the integration of Chainlink Price Feeds as an oracle solution to access and maintain accurate pricing information of BNB/USD on our platform. By doing so on the Binance Smart Chain, it will allow AutoShark to access high-quality, tamper-proof price feeds needed to secure the platform from price manipulation attacks, by removing one layer of centralization from our architecture. This will provide our users with strong assurances that all limit orders will be executed safely.
We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Additionally, Chainlink Price Feeds are very easy to integrate, as they have an extensive suite of pre-made decentralized oracle networks already running live on Ethereum, Polygon, and other leading blockchains.
Some of the major benefits of using Chainlink Price Feeds in AutoShark include:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that are aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record for reliability, even during high gas prices and extreme network congestion.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or the oracle network.
- Reputation — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
Chainlink already secures leading DeFi protocols responsible for billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans. Being able to put the minds of investors at ease should be the hallmark of any Defi project, and Chainlink Price Feeds will bolster the imperviousness of the AutoShark yield optimizing platform against any economic exploits.
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
AutoShark is a yield optimizer on the Binance Smart Chain and Polygon Network. It is forked from PancakeBunny, and offers unparalleled access to farming opportunities through the use of superior yield strategies and auto-compounding vaults.
The DeFi ecosystem is a robust landscape, with multiple Dapps looking to participate in certain segments of the market. From lending to gamification to NFT marketplaces, the goal of AutoShark is to capture interest through the use of yield optimizing for BSC and Polygon.