Seeded Network is Integrating Chainlink Price Feeds to Enable Secure Lending Services on Solana
We’re excited to announce that Seeded Network — a project incubator with a unique borrowing and lending solution — will be one of the initial projects to integrate Chainlink Price Feeds on Solana mainnet. By integrating the industry-leading decentralized oracle network, Seeded Network has access to high-quality, tamper-proof price feeds needed to provide users with accurate market rates. This will provide stronger assurances that loans are issued at fair market prices and liquidations are in accordance with current market conditions, helping keep lenders’ solvents and borrowers safe from faulty liquidations.
Our initial integration involves the use of the following Chainlink Price Feeds:
We can easily scale up support for more Chainlink Price Feeds in the future to service increased market demand.
We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of 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. Importantly, Chainlink Price Feeds are natively integrated on Solana, meaning they have no external dependencies on other blockchains.
Our borrowing and lending DeFi product will be incorporated into Seeded Network’s main product, the project incubator. Participants can contribute to incubator projects as normal, or they can borrow assets from Seeded Network’s locked lending product to receive a 2x allocation for increased exposure. Users can also derisk by lending BTC, ETH, SOL, or USDC to participate in the incubation fundraising.
After reviewing various oracle solutions, we decided to integrate 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, leading to price data that are aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates more precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
High Update Frequency — Chainlink Price Feeds on Solana can perform sub-second price updates at minimal costs, resulting in precise price data that consistently reflects current market conditions.
Robust Infrastructure — Chainlink Price Feeds utilize decentralized networks of professional node operators run by leading blockchain DevOps teams and traditional enterprises with a strong track record of uptime during market volatility.
Transparency — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
We hope to continue to integrate more Chainlink services beyond market data to further provide our users with a secure platform and advanced utility.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
About Seeded Network
Seeded Network is an upcoming incubator on Solana offering unique borrowing, lending, and staking solutions to users allowing them to safely participate in the seeded incubation projects.
Seeded aims to provide an equal and fair opportunity to investors who actively want to take part in the pre-sale rounds by making sure even the average user can afford to do so. Projects will go through rigorous background checks from the team and community before being part of the seeded incubation process to maximize user safety.
Seeded aims to incubate blue-chip projects which have a similar goal of changing the DeFi landscape by offering something unique to the industry and having real-world applications.