Dolphins Finance will integrate Chainlink Price Feeds to secure critical functions of our lending/borrowing service
We’re excited to announce that Dolphins Finance — Expert Defi platform which aims to bring honesty and transparency in the Defi space— will integrate Chainlink Price feeds in our lending/borrowing platform built on Binance Smart Chain. By integrating Chainlink’s industry-leading decentralized oracle network, Dolphins Finance will have access to high-quality, tamper-proof price feeds needed to secure critical lending/borrowing functions. This integration will allow us to leverage on Chainlink to create a secure, trusted, and liquid market on the Binance Smart Chain (BSC) and will provide our users with strong assurances that their transactions are handled safely.
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 (https://blog.chain.link/flash-loans-and-the-importance-of-tamper-proof-oracles/).
Dolphins finance lending/borrowing platform is a community made up of depositors and borrowers. Lenders contribute liquidity and earn passive income while doing so. Borrowers will have instant access to a variety of loans at their disposal while providing crypto assets as collateral access loans on the platform.
In order to secure our lending/borrowing platform, we need 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 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.
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.
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