Holdefi Integrates Chainlink Price Feeds to Secure Borrowing and Lending Operations
We’re excited to announce that Holdefi — an innovative multi-chain money market protocol — has integrated Chainlink Price Feeds on the Ethereum and Binance Smart Chain main-net. By integrating Chainlink’s industry-leading decentralized oracle network, Holdefi has access to high-quality, tamper-proof price feeds needed to secure borrowing and lending operations. This will help provide our users with strong assurances that allow Holdefi smart contracts to trigger events on-chain based on real-world conditions.
Our initial integration involves the use of the following Chainlink Price Feeds:
- assessing the loan amount and the value of deposit and loan
- executing liquidation of collateral when its value is less than the specified amount
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, anddata manipulation attacks via flash loans.
Holdefi’s future-proof design offers users unprecedented flexibility that will significantly reshape the future of decentralized lending. What’s more, the state-of-the-art protocol uses a revolutionary mechanism that balances capital and demand, thus providing attractive interest rates to borrowers and better ROI for liquidity providers (LPs).
In order to secure our contract Holdefi prices, 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 are 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 the 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 will provide the reliable price feeds that the Holdefi protocol requires in assessing the loan amount and the value of deposit and loan. The data will also allow smart contracts to execute liquidation of collateral when its value is less than the specified amount.
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.
Holdefi, an innovative multi-chain money market protocol, is a lending platform where users can hold their assets and receive interest or borrow tokens. The platform’s core functionalities, lending, and borrowing are powered by complex smart contracts that enhance DeFi capabilities. The project offers advanced DeFi solutions via its native ERC20 and BEP20 utility token (HLD) that serves multiple purposes, including governance, staking, revenue sharing, liquidity mining, and more.
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