Lever Integrates Chainlink Price Feeds to Secure its Lending and Margin Trading Platform
We are delighted to announce that Lever has successfully integrated Chainlink Price Feeds on mainnet, starting with DOGE/USD and EPS/USD. Lever will reference Chainlink Price Feeds to issue loans, check limit order conditions, and verify that user’s open margin positions are fully collateralized at all times, keeping our DeFi markets fully solvent and in line with the global crypto markets. We plan to continue expanding our use of Chainlink Price Feeds across multiple blockchains to bring margin trading support for new cryptocurrencies in demand by our ecosystem.
We selected Chainlink because it’s the industry-leading decentralized price oracle solution, already securing tens of billions of dollars across DeFi. Most notably, Chainlink Price Feeds are proven to be both accurate and reliable during extreme conditions, ensuring users are protected against exchange downtime, flash crashes, and data manipulation like flash loan attacks.
Secure Margin Trading With Chainlink Price Feeds
Lever is a decentralized, open-source risk management platform that facilitates the borrowing, lending, and leveraged trading of crypto assets. We offer access to a wide range of trading tools, from limit orders to margin trading — ordinary tools within the traditional finance industry but notably absent from many large decentralized exchanges (DEX) and Automated Market Maker (AMM) protocols. Lever overcomes these limitations by offering sophisticated trading products to users that are connected lending protocols, wallets, and established DEXes and AMMs.
Supporting our DeFi product offerings requires secure, reliable, and precise price data available directly on-chain to determine the current value of loans and collateral, as well as verify the validity of limit order conditions. These processes are critical to protecting the capital of lenders, reducing the slippage of users, and ensuring a fair and tamper-proof liquidation mechanism for borrowers.
Getting high-quality price data securely on-chain that reflects all trading environments and not just a single exchange requires a decentralized oracle solution to fetch aggregated price data off-chain and deliver it on-chain. Chainlink stood out as the clear option because it’s time-tested with major DeFi projects and easy to integrate into our protocol. Some of the top features of Chainlink Price Feeds include:
- 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 that are resistant to extreme market volatility and data source problems.
- 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 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 were able to integrate Chainlink Price Feeds into our ecosystem much quicker than we expected,” stated Jeff Lian, Lever’s CEO, “This empowers our team to accelerate the launch of new product offerings that are important to our users, knowing these DeFi solutions are secured by high-quality data feeds that are provably reliable during volatile on-chain and off-chain conditions.”
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.
Lever is the first AMM-based decentralized margin trading protocol deployed on Ethereum, BSC, and HECO. Lever’s platform helps traders efficiently utilize their capital across DeFi applications by bridging fragmented protocols within these different blockchain ecosystems. With the goal of providing the best user experience for both professional and amateur traders, all supported assets are accessible without the need to move funds to different exchanges. Lever users are able to easily deposit, loan, and borrow supported cryptocurrencies to perform both unleveraged and leveraged margin trades. Run by decentralized governance voting, Lever’s AMM-based protocol hopes to expand its product offerings and offer margin trading tools on all prominent cryptocurrencies in the blockchain ecosystem.