FilDA Using Chainlink Price Oracles to Secure its Lending and Borrowing Platform on HECO
FilDA, the world’s first HECO-based decentralized, cross-chain lending platform, is excited to announce that it is using the market-leading Chainlink Price Feeds live on HECO mainnet. By integrating Chainlink’s decentralized oracle network, FilDA smart contracts now have a tamper-proof, accurate, and constantly up-to-date source of on-chain price data available directly on HECO. FilDA uses these price oracles to determine collateralization ratios, trigger user liquidations, and calculate interest rates.
We selected Chainlink as our go-to oracle solution because it’s the most time-tested oracle network in the blockchain industry, already securing over $14B in USD value for many leading DeFi applications. Importantly, it provides both decentralized security and high-quality price data that’s inherently resistant to various attack vectors like centralized infrastructure outages, data source inaccuracies, and data manipulation attacks (i.e., flash loans), leading to strong protections of our users’ funds.
Deeper Dive into the FilDA-Chainlink Integration
FilDA is a decentralized lending platform that allows users to supply collateral to take on overcollateralized loans. FilDA currently supports 18 different assets, with each asset having a corresponding lending rate. When a user initiates a loan for a particular token, the maximum loan amount equals the total amount of available collateral for that token multiplied by its specific lending rate. To determine if liquidations should occur (aka loan defaults), the contract will first obtain the token price of both the loaned asset and collateral asset from Chainlink Price Feeds, then use those prices to check the borrower’s current loan-to-collateral ratio. If the loan-to-collateral ratio exceeds the predetermined liquidation level, the liquidation can be executed.
Issuing loans and executing liquidations are foundational processes to the success of FilDA, particularly to keep the protocol solvent and user funds protected. Thus, we set out to integrate the most secure and reliable oracle solution in the industry. Being the most widely adopted decentralized oracle network, Chainlink was our clear choice, especially upon its recent native launch on HECO. Compared to other oracle options, Chainlink provides numerous features that bring strong assurances to our users, including:
- High-Quality Data — All Chainlink Price Feeds source data from numerous professional data aggregators, leading to consumption of global market prices that reflect a volume-adjusted aggregate of all trading environments.
- Secure Nodes — All Chainlink Price Feeds are secured by decentralized oracle networks made up of independent, security reviewed node operators run by experienced blockchain and DevOps teams, mitigating both downtime and Sybil-attacks.
- Decentralized Network — Chainlink Price Feeds are decentralized at the oracle and data source level, resulting in high uptime and manipulation resistance in the sourcing and delivery of external price data on-chain.
- On-Chain Monitoring — Each Chainlink Price Feed is accompanied by open visualizations and reputation frameworks derived from on-chain data, enabling anyone to independently audit the performance of oracle networks.
“FilDA aims to provide the safest and most user-friendly DeFi loan products on the HECO platform,” said FilDA Co-founder Mr. BAO. “By integrating Chainlink, we have established the industry-leading oracle solution as a core part to the security and reliability of FilDA’s DeFi loan products, ensuring users always receive fair market loans and liquidations that are both precise and tamper-proof.”
FilDA will continue to strive to provide users with more assets and financial services in the future, leveraging additional Chainlink Price Feeds to quickly support new lending markets.
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, amongst others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
FilDA is the world’s first HECO-based decentralized, cross-chain lending DeFi protocol. It’s also the first platform to be transparent to users with realtime data including APY, interest models, collateral rate and more stats. FilDA now supports 18 assets including cross-chain assets pNEO ( NEO on HECO cooperated with Polynetwork) and htELA (ELA on HECO cooperated with Shadowtokens).
Total value of deposits and loans on FilDA has peaked at over 1.2 billion USD. FilDA, with no fundraising and no pre-mining, is committed to be the No.1 user-friendly DeFi lending platform.
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