Announcing Plans to Integrate Chainlink Price Feeds to Accelerate DeFi Development on GLITCH
Glitch Finance is thrilled to announce that we will be integrating Chainlink Price Feeds as the preferred oracle solution for the GLITCH Network to accelerate the development of fully interoperable decentralized finance (DeFi) applications and secure our decentralized governance model.
Built explicitly for decentralized applications (dApps), the GLITCH blockchain protocol offers developers a highly scalable and low-cost delegated proof-of-stake (DPoS) network to begin building the next generation of smart contracts.
We decided to integrate Chainlink as our preferred decentralized oracle solution because it is the most widely used and time-tested oracle network. It already supports top projects in the blockchain space, securing tens of billions of dollars in value.
Chainlink Price Feeds provide several layers of decentralization, sourcing price data from numerous sources, which are then aggregated and validated on-chain to ensure broad market coverage and resistance against market volatility. This will provide developers on GLITCH with cryptographic guarantees that price data is always up-to-date and reliable.
Creating low-cost and highly scalable dApps on GLITCH
GLITCH is the first highly scalable, blockchain-agnostic layer-one blockchain built exclusively for dApps spanning DeFi, synthetic asset creation, traditional asset migration, and more. We provide a robust infrastructure designed to support mass adoption by offering 3000+ TPS, low fees through our DPoS governance model, all while simultaneously fairly rewarding ecosystem participants through our revenue sharing model.
As the best oracle solution in the industry, Chainlink unlocks development barriers on the GLITCH Network for smart contracts needing market information for use cases such as yield farms, insurance, decentralized exchanges (DEX), and automated market maker protocols (AMMs).
Chainlink also secures GLITCH’s decentralized governance model by facilitating price-referenced token swaps to dole payouts from dApps to network participants. All of these applications need secure and accurate price feed data for assets flowing through smart contracts. Despite this, off-chain price feed data is inherently unattainable in blockchains, which operate as closed systems with no built-in functionality to process external data — historically known as the blockchain oracle problem.
Chainlink solves this problem by acting as secure middleware between off-chain and on-chain data — fetching off-chain data, validating it, and then delivering it to smart contracts on demand.
In regards to Chainlink Price Feeds, several important design implementations ensure users receive the most accurate market data. Each Chainlink Price Feed is secured by a decentralized network of independent, security-reviewed node operators run by professional DevOps. These node operators have a verifiable history of high node availability and providing accurate oracle reports, even during periods of record volatility and network congestion.
In our search for a decentralized oracle solution to support our blockchain, Chainlink was GLITCH’s go-to oracle network due to features like:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that are aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
- 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 for reliability, even during high gas prices and extreme network congestion.
- 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 — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
With increasing numbers of developers in the Glitch Grants Program, a testnet launch scheduled for June 30, and a simultaneous launch of both mainnet and our flagship dApp Glitch Decentralized Exchange (GEX) in the future, we anticipate Chainlink will play an increasingly important role in offering hybrid smart contract capability to the GLITCH protocol by providing a time-tested infrastructure for leveraging off-chain data and computation.
“Our Chainlink Price Feed integration will provide developers with the most secure and reliable price data, supporting a wide range of decentralized applications on the GLITCH Network in the future,” stated Sean Ryan, CEO of Glitch Finance, “As we expand our protocol, we’re going to explore Chainlink’s expanded suite of decentralized services as the next step in empowering innovative dApps across the blockchain ecosystem.”
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 and 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, among 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.
GLITCH is a blockchain-agnostic super protocol explicitly designed for trustless money markets and decentralized financial applications (dApps). Glitch solves the expensive fee structure of other blockchain platforms while simultaneously rewarding all ecosystem participants and guaranteeing low network fees. Glitch plans to incorporate token wrapping bridges, where dApps can run more efficiently, all in service of Glitch’s ultimate goal: to become a cornerstone of blockchain infrastructure.