Ola Finance Upgrades Oracles to include Chainlink Price Feeds on Fantom
We are excited to announce that we upgraded our oracle mechanism to include the Chainlink Price Feeds on the Fantom mainnet and soon after Binance Smart Chain. By integrating Chainlink’s industry-leading decentralized oracle network, lending market creators in Fantom now have access to highly secure, reliable, and precise price data needed to price assets during loan issuance and liquidation processes.
This integration was accelerated when our partner SpiritSwap requested support for Chainlink Price Feeds for their own lending market. We plan to continue working with the Chainlink team to launch additional Price Feed networks required by market creators, expanding adoption of the DeFi ecosystem as a whole.
As our recommended oracle solution, the following USD-denominated Chainlink Price Feeds are now available on the Fantom mainnet for use by Ola lending networks: FTM, ETH, BNB, BTC, and USDC. Chainlink Price Feeds have a strong historical track record of reliability during unexpected events like flash cash outliers and data manipulation attacks (e.g., flash loans), providing our users with the best oracle solution for securing their lending markets.
Powering Ola Lending Markets With Chainlink Price Feeds
Ola Finance is not a typical on-chain money market with a single global liquidity pool, but rather is a platform that lets anyone create their own lending networks around whatever parameters they see fit. This significantly increases the scope of tokens that can be used for lending and borrowing activities, without putting other users’ lending markets at risk. This is enabled through isolated lending pools, where each lending network is effectively isolated and has its own risk profile, allowing users to choose which lending networks fit their risk appetite.
In order to keep lending networks collateralized and mark risky positions for liquidation, we required a secure price oracle solution that supplies real-time pricing on each supported token used as collateral and debt. These processes are key to helping ensure users get fair market loans and lenders stay solvent via timely liquidation of risky loans.
After looking at different oracle solutions, we decided to integrate Chainlink Price Feeds as they are the most widely used price oracles that already secure tens of billions of dollars within the DeFi ecosystem across multiple blockchain networks. Some of the advantages include:
- High-Quality Data — Financial market data is sourced from numerous premium data aggregators like BraveNewCoin and Kaiko, leading to volume-adjusted global market prices with robust market coverage.
- Reliable Nodes — Chainlink Price Feeds are secured by a decentralized network of independent, security-reviewed, Sybil-resistant oracle nodes run by leading blockchain DevOps teams with a proven history of reliability and uptime.
- Decentralized Infrastructure — Both the data sourcing and delivery mechanisms are decentralized, removing any central point of failure and helping ensure Ola markets consistently receive the latest fresh asset prices.
- Blockchain Agnostic — Chainlink is blockchain agnostic and already powers Price Feeds on both Fantom and BSC, making it straightforward to integrate with our multi-chain decentralized lending platform.