Beyond Finance Using Chainlink’s Industry-Leading Oracle Solution to Price Synthetic Assets.
We are excited to announce that Beyond Finance is now using Chainlink Price Feeds — pre-built and time-tested decentralized oracle networks that provide on-chain price reference data for smart contracts across a variety of asset classes — to accurately and securely price all of our platform’s synthetic assets during the minting, swapping, redeeming, and/or liquidation processes. By integrating Chainlink’s market-leading decentralized oracle networks, our users will have greater confidence in the accuracy and credibility of asset prices used by the Beyond Finance platform.
Beyond Finance allows users to create and trade collateralized synthetic financial products that track the prices of the underlying assets they represent, such as cryptocurrencies, FOREX currencies, commodities, stocks, exchange traded funds (“ETF”), and more. As such, it is vital to ensure that Beyond users have access to premium quality data that’s securely, reliably, and transparently made available to our platform via an oracle network. This ensures that assets reflect the true global market prices during collateralization and trading processes.
We selected Chainlink because it’s the most widely adopted decentralized oracle solution in DeFi, already securing billions in value on mainnet for leading DeFi projects. Compared to other oracle solutions, we found Chainlink to provide the best infrastructure across several key metrics, including:
● High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s 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 infrastructure outages.
● 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 oracle network.
● Blockchain Agnostic — Chainlink is blockchain agnostic and already and/or in the process of going live across several Layer 1 and Layer-2 platforms, making it straightforward integration with the ability to quickly expand Beyond into new environments in the future.
In practice, a user could, for example, mint a TSLAb tokenized asset on Beyond. A Chainlink Price Feed would provide consistently up-to-date on-chain data regarding the current market price of TSLA stock, which the Beyond smart contract can reference anytime the TSLAb synthetic asset is minted, traded, redeemed (for the original collateral), or liquidated (position becomes under collaterized).
Using Chainlink in Future Releases.
We understand the importance of trust and security in DeFi, so it was inevitable to choose Chainlink as our go to oracle solution across all markets. We are also looking to release Beyond Finance on Layer 2platforms in the future, and plan to use Chainlink oracles natively on such platforms to meet our requirements. Kenneth Moon, Beyond Finance Product Lead:
“Chainlink is the most secure and reliable oracle provider in the blockchain space. Their strong tech is of course the core reason that we decided to work with Chainlink, but also we were impressed by their active support and prompt responses to cater to our unique needs as a platform requiring oracles.”
Learn More About Chainlink
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Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link,subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.