QuickSwap is Sponsoring Chainlink Price Feeds to Expand QUICK’s DeFi Utility
- QuickSwap has sponsored two new Chainlink Price Feeds for QUICK/USD & QUICK/ETH, enabling DeFi applications to add functionality for our native token
- This is the first step of many in a long-term incorporation with Chainlink and the many decentralized services it provides
- Integrating with Chainlink equips QUICK with the added infrastructure necessary to enable the token’s further integration across Polygon’s rapidly-growing DeFi network
- We’re thrilled to be working with Chainlink — the leading decentralized blockchain oracle network — to provide $QUICK with added utility and QUICK’s holders with even more opportunity
When there’s something to celebrate, dragons roar, and today, we have much to make noise about. With QuickSwap’s first birthday just around the corner, the festivities are about to begin, but before they do, we have some really exciting news to share regarding our integration with the Chainlink Network.
QuickSwap proudly sponsors two new Chainlink Price Feeds
We’re ecstatic to announce that QuickSwap has sponsored two new Chainlink Price Feeds for QUICK/USD and QUICK/ETH. The launch of these Price Feeds will enable other DeFi projects to seamlessly add support for our native governance and utility token QUICK. Secured by Chainlink’s trusted, decentralized, time-tested oracle infrastructure and high-quality data, these new price reference feeds will help propel $QUICK’s adoption throughout DeFi.
Initially, QuickSwap is sponsoring the QUICK/USD and QUICK/ETH Price Feeds on Polygon. This integration represents the first step in a long-term homogenization with the Chainlink Network and the various decentralized services it provides to smart contract applications.
What does that mean for QUICK?
As the native governance and utility token of our DEX, the community of QUICK holders coordinates the continued evolution of our on-chain Automated Market Maker, as well as how fee revenues and treasury resources are allocated. As the coordination mechanism securing QuickSwap’s on-chain governance system, QUICK plays a key role in aligning the community’s incentives with the platform’s advancement as a whole.
Launching multiple Chainlink Price Feeds for $QUICK makes it possible for other DeFi projects to integrate QUICK directly into their DeFi platforms.
How so? Examples include:
- Decentralized money markets like Aave leverage Chainlink Price Feeds to ensure loans are issued at fair market rates and that undercollateralized positions are liquidated to ensure the protocol’s solvency.
- On-chain leverage platforms like bZx use Chainlink Price Feeds to connect liquidity providers and borrowers who want to increase their exposure to a specific asset using tokenized leveraged positions.
- Prediction Markets like Augur Turbo use Chainlink oracles to enable users to predict the outcomes of future events and immediately settle positions upon market closure.
The Chainlink Network provides the necessary decentralized infrastructure to further QUICK’s adoption across Polygon’s DeFi ecosystem, providing users more utility and opportunity.
Why we chose Chainlink Price Feeds
Put simply, dragons don’t settle for less than the best. It should come as no surprise to anyone familiar with the current DeFi landscape that Chainlink is the leading decentralized blockchain oracle network. Of course, we did our due diligence, but after looking into different options, we chose to sponsor Chainlink Price Feeds because they were the only solution to provide the critical security features required to effectively secure on-chain financial products and thereby enable us to vehemently protect our hoards.
The unique security features that Chainlink offers include time-tested and highly-reliable on-chain data feeds, a tamper-resistant node reputation framework, and multiple layers of decentralization to avoid any single point of failure. Additional details on why we choose Chainlink includes:
- 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 helps generate 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 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 and real-time performance of node operators and oracle networks.
You can learn more about Chainlink Price Feeds and their architecture in the Chainlink Documentation.
“Sponsoring the launch of two new Chainlink Price Feeds for the QUICK governance token was key to expanding the ability for DeFi protocols to easily add support for QUICK, given their newfound ability to securely and accurately price during on-chain processes,” stated Sameep Singhania — QuickSwap’s Co-Founder and lead developer . “As the industry standard oracle solution, Chainlink and its suite of decentralized services will continue to play a large role in the QuickSwap ecosystem.”
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 and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
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