PERI Finance Will Integrate Chainlink Price Feeds to Secure PERI dApp Price Reliability
We’re excited to announce that PERI Finance — Building all kinds of synthetic assets on one DeX platform — will integrate Chainlink Price Feeds on ETH, EUR, BTC, USDC, ADA, LINK, DEFI, BNB, DOGE, XRP, iBTC. By integrating Chainlink’s industry-leading decentralized oracle network, PERI Finance will have access to high-quality, tamper-proof price feeds needed to enhance the reliability of the PERI price index. This will provide our users with strong assurances that they are able to access the continuously updated price feeds on PERI dApp.
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.
PERI Finance is a decentralized cross-chain synthetic issuance and derivative exchange protocol that is building all kinds of synthetic assets DeX(Decentralized eXchange) on Polkadot. All users are able to collateralize PERI, USDC, and NFT to seize the opportunity of on/off-chain and traditional finance/non-finance assets’ value fluctuation.
PERI Finance will provide simple & leveraged synthetic assets called ‘PYNTHS’, designed to attractattracting arbitrageurs and increase trade volume, benefiting the stakers.
In order to secure our real-time price index, we need 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 selected 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.
PERI Finance is developing PERI.Exchange, enabling users to convert one Pynth (PERI synthetic asset) to another with infinite liquidity. We anticipate that by using Chainlink price feeds on the PERI.Exchange in the near future, the price index will be more reliable and secure.
“By applying verified Chainlink’s middleware solution, we believe that the price on the PERI Finance’s dApp will be reliable and agile.”
–Gareth Bowles, Co-Founder of PERI 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 PERI Finance
PERI Finance is a decentralized, cross-chain synthetic asset issuance and derivatives exchange on the Polkadot network. PERI Finance allows accessing a wide range of both traditional financial and crypto assets in the form of leverage and non-leverage synthetic products. We empower users with the lower GAS fee, speedy transaction, and ample security from front-running or flash loan.