We’re excited to announce that Chemix Labs, the world’s first fractional — algorithmic synthetic asset protocol, has integrated Chainlink Price Feeds on the Arbitrum mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, Chemix Labs has access to high-quality, tamper — proof price feeds needed to establish fair market exchange rates when minting, exchanging, redeeming, and liquidating assets on the platform.
Our initial integration involves the use of the following Chainlink Price Feeds: ETH/USD, WBTC/USD, USDC/USD, USDT/USD. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure 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.
The name Chemix Labs is derived from a chemical reaction corresponding to its core purpose of changing the form of assets. The goal of Chemix Labs is to establish a scalable, distributed, algorithm — adjusted synthetic asset management system. Its advantage is the improvement of user’s capital utilization and a stable arbitrage mechanism through real-time operations as minting, redemption, buyback, and re — collateralization.
In order to secure price data for the Chemix Labs Platform, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. 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 integrated 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, helping to ensure broad market coverage through price data that are 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 the 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, Chemix Labs plans to integrate Chainlink Price Feeds natively on more blockchain networks such as Solana. With the business expansion of Chemix Labs, the integration with Chainlink will continue.
“Chemix’s business requires continuous, reliable, and time-tested price sources. Chainlink provides that to Chemix Labs and its users. We trust the choices already made by countless other projects around the world using Chainlink.” 一Founder: David Lei
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 Chemix Labs
Chemix Labs (Chemix for short) is the world’s first fractional-algorithm synthetic assets protocol developed by the QIAN Protocol team. Chemix derives from Chemical reaction, and x stands for unknown and infinite possibilities, which combine for rich and diverse results. The protocol selects ‘partial mortgage’+’algorithm adjustment’ as its core technical concept, and creates an “anti-zeroing” mechanism for algorithm adjustment token.
Online date: April 2, 2021