KCLP is Integrating Chainlink for Secure, Fair Market Exchange Rates
We’re thrilled to announce our upcoming plans to integrate Chainlink Price Feeds — decentralized oracle networks that provide high-quality, tamper-proof financial asset prices and market information on-chain. The team at Kucoin Launchpad will use Chainlink Price Feeds for BNB and some stablecoins to correctly determine the funding amounts required for IDO allocations. For example, if someone is eligible for a $1,000 allocation, the Chainlink Price Feed will help determine how much BNB they must pay to receive the $1,000 allocation.
Chainlink is the blockchain industry’s most widely used and time-tested oracle network, enabling the development of auto-executing smart contracts based on off-chain data, events, and computations. In particular, Chainlink Price Feeds ensure our platform is always referencing the most up-to-date global exchange rates when performing key on-chain actions like distributing IDO allocations to users.
The integration of Chainlink Price Feeds will open up new doors for the Kucoin Launchpad community by helping users analyze premium projects that may be using the KCLP Launchpad. After searching through a wide range of oracle solutions, we decided to move forward with Chainlink Price Feeds due its superior set of features:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates accurate global market prices that are 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 the 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.
We are looking forward to seeing this integration come to fruition and helping drive the Kucoin Launchpad to new heights. We anticipate future integrations of other Chainlink services, with the goal of furthering our overall growth, development, and platform security. .
Be on the lookout for more updates regarding this integration and other notable developments happening in the KCLP Community.
“Chainlink Price Feeds have a proven record of high data quality and hyper reliability, even during times of extreme market volatility and network congestion. They’re also premmade and incredibly easy to integrate, allowing for a quick and seamless integration into our platform while providing very robust security,” stated Deepanshu Sharma, CEO of Kucoin Launchpad.
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 and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
KuCoin Launchpad (KCLP) is a launchpad for the newly launched KuCoin Community Chain (KCC). KCLP has built a launchpad ecosystem that is aimed towards creating a safer environment for new investors to get an easy entry into Initial DEX Offerings (IDOs), while at the same time offering a guaranteed allocation to everyone who put their $KCLP Tokens into Staking.
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