Oikos Integrates Chainlink to Secure Access to Decentralized Price Feeds
We’re excited to announce that Oikos — crypto-backed derivatives protocol — has integrated Chainlink Price Feeds on Binance Smart Chain. By integrating Chainlink’s industry-leading decentralized oracle network, Oikos gains access to high-quality, tamper-proof price feeds needed to secure the platform from price manipulation attacks, by removing one layer of centralization from our architecture. This will provide our users with strong assurances that they are quoted the best rate in the market, which will lead to better trades.
Our initial integration involves the use of the following Chainlink Price Feeds: BNB, ETH, BTC, CAKE, ICP, DOT & XAU. 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.
Oikos is a Binance Smart Chain (BSC) based synthetic asset platform that provides on-chain exposure to cryptocurrencies, commodities, stocks, and indices. Synthetic assets (Synths) are backed by Oikos Network Tokens (OKS) locked into a smart contract as collateral. Synths track the prices of various assets, allowing crypto-native and unbanked users to trade P2C (peer-to-contract) on Oikos Exchange without liquidity limitations.
In order to secure our platform from price manipulation attacks, 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.
This marks an important step towards the decentralization of the platform since our protocol is based on a distributed collateral pool of cryptographic assets. By integrating Chainlink we can provide stable price feeds which are crucial for network efficiency and for further advancement towards full decentralization.
Oikos joins the expanding list of projects integrating Chainlink on Binance Smart Chain. Several decentralized finance projects have integrated Chainlink in the last quarter, such as Pancakeswap and Sushiswap.
“This integration is one of the most significant milestones for the protocol’s roadmap, decentralization has always been our top priority and by integrating Chainlink, we can assure that users are quoted the best rate in the market, increasing the reliability of Oikos.exchange, our derivatives trading platform.” — Manuel Corona, CEO & Founder
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 Oikos Cash
Oikos is a platform enabling the creation of on-chain synthetic assets (synths), tracking their counterpart real-world price. The system supports any kind of asset, including market traded shares but also more complex products, like indices, futures and options. It creates a market for cryptocurrencies and price-stable assets that can be traded without liquidity limitations and slippage.
The protocol bridges the gap between the worlds of traditional finance and crypto through its decentralized synthetic asset issuance and exchange system. Our mission is to fulfill the largely untapped potential of censorship-resistant synthetic assets.