Canary Exchange Will Integrate Chainlink Price Feeds to Develop Various DeFi Apps
“ We plan to develop various dApps using the price feeds Chainlink provides to us. Some of these are financial analysis applications, games, price prediction contests, etc.”
We’re excited to announce that Canary Exchange — A Yield Farming, Staking and Swaping Platform optimized for generating high APYs — will integrate Chainlink Price Feeds on Avalanche Network. By integrating Chainlink’s industry-leading decentralized oracle network, Canary Exchange will have access to high-quality, tamper-proof price feeds needed to develop new decentralized applications for financial analysis, gaming, and more. This will provide our users to better monitor their financial products and/or have some fun while investing in the blockchain world.
We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. 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.
We plan to develop various dApps using the price feeds Chainlink provides to us. Some of these are financial analysis applications, games, price prediction contests, etc. In the future, we will enrich our application diversity with other data provided by Chainlink.
We need access to fresh asset prices that are supplied directly on-chain in a highly reliable manner in order to develop new decentralized applications in our mind. Fair market asset prices should reflect a volume-weighted average from all trading environments, so we need to make use of an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we selected Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, ensuring broad market coverage through price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- 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 of 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.
- Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
In the future, we will enrich our application diversity with other data provided by Chainlink. Education and sports are among the areas we want to develop applications on.
We decided on Chainlink as a data provider oracle because it has a great team behind it. They always did the right things at the right time. We are already excited about what Chainlink will bring to the blockchain world in the future.
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, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
About Canary Exchange
Canary Exchange is a decentralized exchange (DEX) which runs on Avalanche, the most promising and the fastest blockchain! Canary Exchange works with a model called AMM which is a game changing tech. Automated market makers (AMM) allow digital assets to be traded without permission and automatically by using liquidity pools instead of a traditional market of buyers and sellers.
Canary features a token which is called CNR Token that is the official token of the Canary Exchange and other Canary Ecosystem dApps. You earn CNR Token by farming on Canary Exchange with very high APYs. If you wish, you can swap the tokens you earn to another cryptocurrency through Canary Exchange. Or if you wish, you can stake your CNR Tokens again and earn more CNR Tokens!