Plutos Network Will Integrate Chainlink Price Feeds to Secure Synthetic Asset Platform
Plutos Network is excited to announce that we will integrate the widely adopted Chainlink Price Feeds to secure our multi-chain synthetic asset issuance and trading services. The initial launch is slated for Binance Smart Chain, but we plan to add support for Chainlink price feeds on Solana and Polkadot in the future.
By integrating Chainlink’s industry-leading decentralized oracle network, Plutos Network will have real-time, tamper-proof, and highly precise price feeds for a wide selection of cryptocurrency and traditional finance assets. We will use these Chainlink-powered oracles to price synthetic assets on-chain during the minting, swapping, redeeming, and liquidation processes. Additionally, Chainlink’s blockchain agnostic capabilities allows us to integrate its battle-tested price feeds across many blockchains, amplifying the multi-chain nature and functionalities of Plutos Network. Ultimately, this will lead to better liquidity and zero slippage for Plutos users.
Initially, Plutos will be integrating Chainlink Price Feeds for following crypto assets: BTC, ETH, SOL, DOT, BNB, ADA, and more. In the next phase, we will integrate Chainlink price feeds for commodities, stocks, synthetics like futures contracts and options, and additional crypto assets.
One of the critical components of a synthetic asset issuance and trading platform is accurate price data. Price data is key to issuing/redeeming synthetic assets at fair market value based on the value of the supplied collateral, eliminating slippage on synthetic asset swaps, and maintaining full collateralization of all synthetic assets. However, global asset prices that represent a volume-weighted average of all trading environments are not natively available on-chain. Thus, they require an oracle network to retrieve this external information and post it on-chain so it can be consumed by our smart contracts.
After reviewing various oracle solutions, the Plutos Network team believes that Chainlink’s oracle network will bring the greatest value to the platform. As the most widely-used oracle solution in the DeFi ecosystem, Chainlink already secures tens of billions in value for top projects. Some of the top features of Chainlink Price Feeds include:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s 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 prices and extreme market volatility.
- 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.
- Economies of Scale — Chainlink Price Feeds benefit from an economies of scale effect, where increasing adoption allows multiple projects to collectively use and fund shared oracle networks to fetch commonly required datasets. This allows Plutos to get premium data quality and robust oracle security for a fraction of the total cost.
“The integration of Chainlink Price Feeds into Plutos Network will be another good example of how Chainlink as the leading oracle provider is further supporting development of DeFi’s synthetic markets. Thanks to the advanced technologies of Chainlink, we can offer traders real-time pricing across a variety of asset classes for the best trading experience! Accurate price data is always critical for a synthetic platform like us, and by using Chainlink, we will have the perfect solution for it.”
Juan Capilla, CEO of Plutos Network
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 Plutos Network
Plutos Network is a multi-chain synthetic issuance & derivative trading platform which introduces mining incentives and staking rewards to users. By integrating blockchains such as Solana, Polkadot, and BSC, enabling on-chain and cross-chain liquidity and trading, Plutos Network is to offer users synthetic issuance and trading services for a wide range of synthetic products which are sustainable, profitable, and disruptive to the traditional derivative market.