Everest DAO Integrates Chainlink Price Feeds to Secure Options Outcomes
We’re excited to announce that Everest DAO — an innovation-driven project focused on tackling new and exciting products ranging from DeFi, DAOs, NFTs, and more — has integrated Chainlink Price Feeds on the Avalanche mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, Everest DAO has access to high-quality, tamper-proof price feeds needed to determine the winning outcome of options contracts and properly rewarding options buyers. This will help provide our users with strong assurances that Everest DAO’s options contracts can be bought and exercised properly, always tracking the most up-to-date, precise, and secure price feeds.
Our initial integration involves the use of several Chainlink Price Feeds. 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.
Everest Options are European-styled options that give the right for users to predict the future price of assets at a certain point in time. Users can leverage off this function to have access to better yield and arbitrage opportunities, hedging their current positions, and more.
In order to secure our options contracts, 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.
Integrating Chainlink Price Feeds is only the start, future features like Chainlink Proof of Reserve will make Everest Options one of the most decentralized, reliable, and safe platforms on the Avalanche Ecosystem.
“Integrating Chainlink on Everest Options was fundamental. Not only does it bring reliable price feeds, but it also gives users a sense of security and lets them know that we care about making Everest Options the best it can be.” –Polar Bear, Founder of Everest Labs
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 Everest DAO
Everest DAO is an innovation-driven project focused on tackling new and exciting products that range from DeFi, DAOs, NFTs, and more. Our goal is to deliver on products users want and increasing market efficiency. We provide our Dapps with fast-settlement and low fees through the Avalanche Network.