DeFi Yield Protocol Integrates Chainlink Price Feeds to Secure Yield Farming Data on Ethereum and Binance Smart Chain Mainnet
We’re excited to announce that DeFi Yield Protocol, a unique platform that allows any user to provide liquidity, receive rewards in ETH or BNB for the first time since DeFi started, has integrated Chainlink Price Feeds on the Ethereum and Binance Smart Chain mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, DeFi Yield Protocol has access to high-quality, tamper-proof price feeds needed to provide the exact value in USD for the rewards paid in ETH and BNB to the liquidity providers that are using our farming pools. This will provide our users with strong assurances that all the values are provided in a fully decentralized manner and cannot be manipulated.
Our initial integration involves the use of the following Chainlink Price Feeds: ETH-USD and BNB-USD. 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.
DeFi Yield Protocol is a unique platform that allows any user to provide liquidity, receive rewards in ETH or BNB for the first time since DeFi started, and use an anti-manipulation feature to convert the rewards into ETH or BNB without overly affecting the price. In other words, any person can provide liquidity and earn ETH or BNB with minimum risks.
DeFi Yield Protocol is the FIRST and the ONLY yield farming aggregator that is rewarding the liquidity providers in Ethereum (for the Ethereum Network) or BNB/ETH/DYP (for the Binance Smart Chain Network).
In just six months we have paid 8,474.75 ETH and 4,742.01 BNB to the Liquidity Providers.
The core feature of DeFi Yield Protocol is the decentralized tools dashboard (DYP Tools). DYP Tools provide a liquidity locker for any DeFi project, a unique voting system, and at the same time protect the DeFi community by providing a decentralized trust score for all the DeFi projects.
In order to secure our ETH and BNB data values in a decentralized manner, 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, 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 near future we plan on using Chainlink for providing additional price feeds for all of our farming, staking, and vault pools. Also, we want to integrate Chainlink services on DYP Tools to provide a better experience for all the users.
“Without doubt Chainlink is the most powerful and reliable Oracle when it comes to High-Quality Data, Secure Node Operators, Decentralized Network, and Reputation System. From the beginning we have put the security and transparency for our project in the first place. By integrating Chainlink services we manage to add more security and transparency to our whole ecosystem. This is one of the most important tasks for any DeFi platform! We look forward on adding more with Chainlink!”
Mihai Nicusor Busica — CEO DeFi Yield Protocol
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 DeFi Yield Protocol
The DeFi Yield Protocol (DYP) is a unique platform that allows virtually any user to provide liquidity, receive rewards in ETH for the first time since DeFi started, and use an anti-manipulation feature to convert the rewards into ETH without overly affecting the price. The core feature of DeFi Yield Protocol is the decentralized tools dashboard (DYP Tools).