CODI FINANCE is Integrating Chainlink Price Feeds to Help Secure IDO Pools
We’re excited to announce that CODI Finance, a DEX with an IDO launchpad protocol, is integrating Chainlink Price Feeds on the Solana blockchain. By integrating the industry-leading decentralized oracle network, CODI has access to high-quality, tamper-proof price feeds needed to secure our cross-chain IDO pools, futures protocol, and staking pools. This will provide our users with stronger assurances that our launchpad protocol is highly scalable and interoperable, and that our early-stage investors’ safety is our priority.
We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. In addition, Chainlink already helps secure leading DeFi protocols responsible for tens of 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.
CODI Finance aims to be a leading cross-chain, decentralized IDO launchpad platform accelerating the fair and decentralized funding of next-generation DeFi projects. We intend to provide our users with a platform to access and invest in the best DeFi projects safely and securely.
To help secure our IDO launchpad pools, we need access to new asset prices supplied on-chain directly in a highly reliable manner. Furthermore, fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to use 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, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. As a result, Chainlink’s data aggregation model generates more 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. In addition, Chainlink nodes have a strong track record of reliability, even during periods of 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 node operators’ historical and real-time performance and oracle networks.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries and offers global enterprises and leading data providers a universal gateway to all blockchains.
CODI Finance is an entirely open, decentralized ecosystem with three offerings: an IDO Launchpad, an NFT marketplace, and a DEX. CODI intends to use the Solana Blockchain to develop highly scalable, interoperable, and secure DeFi products, to accelerate the rise of fair and decentralized next-generation DeFi products across multiple chains.
Learn more about CODI by visiting codi.finance.