Chainlink and Sonar technical collaboration begins with Chainlink Price Feeds for Access to Real-Time Data
We’re excited to announce that Sonar Platform — master the depths of crypto — has integrated Chainlink Price Feeds.
By integrating the industry-leading decentralized oracle network, Sonar has access to high-quality, tamper-proof price feeds needed to help ensure the accuracy and integrity of data for users of our platform. As a result, our users have stronger assurances that their trading strategies are well informed and based on premium data feeds aggregated from across centralized and decentralized exchanges.
Our initial integration involves the use of the following Chainlink Price Feeds: BTC-USD (BSC), BUSD-BNB (BSC), ETH-USD (BSC), BNB-USD (Ethereum), BTC-USD (Ethereum), COMP-USD (Ethereum), CRV-USD (Ethereum), ETH-USD (Ethereum), LINK-USD (Ethereum), and UNI-USD (Ethereum).
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.
Sonar is developing an innovative ecosystem designed to make the complex world of crypto easy and accessible to the beginner, as well as feature cutting edge tools for the experienced trader. Many of the tools and features that will be built into the platform are currently not available to retail traders, such as sentiment analysis of metadata.
Some of the unique offerings of the Sonar Platform, include enabling users to create customized alert chains with unique variables such as telegram channel activity, exchange listing, and influencer activity. Do your own research, track what is useful to you, and execute trades all from one streamlined interface.
Data supplied by the industry-leading price oracles of Chainlink will provide a global benchmark that users can use to compare prices on single exchanges against, creating a beautiful and intuitive user experience on Sonar. Not only will Sonar be the best way to navigate the depths of crypto, but it will also be the most intuitive.
In addition to the platform, the Sonar ecosystem will feature a fully integrated Web3 Non-Custodial wallet, charting tool, and multi-chain bridge. Our goal is to be a one stop shop for all of your crypto trading needs from start to finish.
As a means of establishing price-feed data accuracy, we needed access to verified 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, hence our desire to integrate Chainlink..
Some of the notable features of Chainlink Price Feeds that stood out over other solutions 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 of outliers and wash trading. Chainlink’s data aggregation model generates more precise 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.
As the Sonar ecosystem evolves and expands, we will look to future collaborations with Chainlink to improve the tools available to users on the Sonar platform.
“Sonar intends to be the gold standard of intelligent data-aggregation and trading experience. Therefore, we needed nothing less than the gold standard of price feeds and oracle solutions, Chainlink.”
– Jacob Camilleri
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.