Neutrino sponsors Chainlink Price Feed to support USDN adoption across DeFi
We’re excited to announce that Neutrino has sponsored a new Chainlink Price Feed for USDN/USD on the Ethereum mainnet.
Chainlink Price Feeds supply high-quality data with flash loan protection, enabling Ethereum-based money markets to leverage the USDN/USD Price Feed and easily offer support for USDN, an algorithmic stablecoin pegged to USD and backed by WAVES tokens.
Additionally, decentralized insurance providers can offer coverage based on unexpected scenarios, such as USDN breaking its peg, which further improves its reliability within DeFi markets.
We selected Chainlink because of its industry record of supplying high-quality on-chain price reference data for leading DeFi projects, including Aave and Synthetix.
Chainlink Price Feeds also offer broad market coverage, spanning all centralized and decentralized exchanges and making their price data immune to manipulation or downtime on any single or small set of exchanges.
To broaden the usage of USDN, we need a secure and reliable price oracle. That would ensure that USDN is properly priced within various DeFi protocols, including money markets, synthetic assets and insurance coverage solutions.
Based on Chainlink’s track record across many blockchains, a decision about sponsoring a Chainlink Price Feed was made.
Some other notable features of Chainlink Price Feeds include:
- High-quality data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data 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 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 price periods 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 — 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.
This integration comes before a planned future integration of Chainlink Proof of Reserve to ensure Ethereum-based USDN stablecoins are fully collateralized by an equivalent number of locked Waves-based USDN tokens. We look forward to continued usage of Chainlink as an important oracle solution and wider usage of USDN across DeFi on Ethereum and Waves.
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.