MoonFarm Finance Integrates Chainlink Price Feeds to Secure MoonFarm Algorithm Farming Strategy
We’re excited to announce that MoonFarm Finance — the first CeDeFi Yield Farming Aggregator on Multi chain — has integrated Chainlink Price Feeds on the Binance Smart Chain mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, MoonFarm Finance has access to high-quality, tamper-proof price feeds needed to monitor the price changes of token so that the algorithm can detect the impermanent loss could happen and switch the farm to avoid it. This will provide our users with strong assurances that MoonFarm users fund will have no Impermanent Loss when farming with MoonFarm.
Our initial integration involves the use of the following Chainlink Price Feeds: BNB-USD, CAKE -USD. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already secures 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, and data manipulation attacks via flash loans.
MoonFarm is a DeFi and Centralized Finance (CeFi) hybrid yield farming aggregator. It provides the best of both worlds, offering all the cost-effectiveness, easy access, transparency, and rapidity of DeFi yield farming, in addition to offering the security associated with a centralized financial ecosystem.
MoonFarm optimizes Yield Farming interest (APY/ APR) and provides users with the abilities to choose what farms they want to use, or the system will automatically determine the best farming strategies using the yield optimization engine.
MoonFarm’s advantage is the speed of integration with other chains, unlike other DeFi projects that will have to wait for the cross-chain function to fully develop, MoonFarm can integrate all other chains quickly so users can farm with many native tokens across all chains. Solana for Raydium, Avax on Pangolin, Polygon on Quick Swap, MDT on Heco chain, Near on Ref Finance. So we more like centralize all the best DeFi farming project in one place so customers can easily pick one.
Another advantage is users can farm with a single asset, no need to add 2 pairs of token for liquidity provider token. The reward token will also be distributed daily to users wallet every single day, no need to harvest manually like other Defi Project.
In order to secure our Yield Farming Algorithm System, 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’s 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 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.
Optional:In the future, MoonFarm will integrate with more blockchains such as Solana, Polygon, Avax, Near. Therefore, we will need to keep using Chainlink Price Feed for multiple chains so that our Algorithm mechanism can work well on different chains.
“I believe that using the credible Chainlink Price Feed system will help MoonFarm avoid the loss from price attack on our Yield Farming system ” –Son Dinh CEO’s MoonFarm Finance
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.
About MoonFarm Finance
MoonFarm Finance is a CeDeFi platform (Centralised Decentralised Finance) that combines both the advantages of Centralised Finance and Decentralised Finance. The platform will offer market yield farming strategy to utilize user’s funds to bring a good return with controllable risk.