Spartan Hill is Integrating Chainlink Price Feeds to Support New Decentralized Colombian Peso Stablecoin
Spartan Hill is excited to announce that we are integrating Chainlink Price Feeds to help power a new decentralized Colombian Peso stablecoin called Daily (DLY). By sponsoring and using a new Chainlink Price Feed for COP-USD, we can accurately and securely calculate the value of crypto collateral used to mint/burn new DLY stablecoins. In doing so, DLY can run decentralized end-to-end, making it a highly reliable and trusted digital asset for users.
We selected Chainlink because it’s the blockchain industry’s most widely used and time-tested oracle network, helping secure tens of billions of dollars in value for top decentralized finance (DeFi) protocols. Chainlink Price Feeds provide high-quality price data on-chain with extensive market coverage and robust underlying oracle infrastructure, establishing strong protections against downtime and price inaccuracies on a single or small set of exchanges.
Building a Decentralized Colombian Peso Stablecoin
Spartan Hill is a FinTech platform based in South America that offers a comprehensive investment portfolio in cryptocurrencies, stocks, commodities, and secondary markets through advanced trading and risk management algorithms. We offer our clients the ability to establish portfolios in a wide range of markets, helping users diversify their asset holdings based on different risk and market capitalization preferences. Additionally, we have recently launched Pluto, a point-of-sale solution that allows users to directly pay for goods in cryptocurrencies – most notably Bitcoin, Ethereum, and USDT.
Through building DLY, we are introducing a native decentralized stablecoin into South America that’s pegged to the Colombian Peso. DLY will establish an easily accessible digital asset for users around the continent looking for stable crypto payments or stable collateral within DeFi protocols like money markets. As part of the development of DLY, we required an accurate, consistently up-to-date, and tamper-proof COP-USD price reference data feed to calculate the collateral value used to mint and burn DLY, helping ensure DLY remains fully collateralized at all times.
After searching extensively for a suitable decentralized oracle solution, we chose Chainlink Price Feeds because they are optimized around several important features:
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 suspicious volumes. 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 network congestion.
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 the oracle network.
Reputation. – 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.
“Chainlink Price Feeds are the ideal solution to support the upcoming launch of DLY as they are thoroughly time-tested in production and backed by enterprise-grade data quality and infrastructure security,” commented Cesar Marroquin, CIO of Spartan Hill. “The integration of Chainlink Price Feeds will enable us to consistently price collateral accurately and securely based on current global market conditions – all in a decentralized and transparent manner.”
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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About Spartan Hill
Spartan Hill is a Colombian-based company that has been in the market for 3 years developing software and portfolio management technology for a wide range of sectors. We are focusing on the cryptocurrency and digital token markets in order to leverage blockchain technology for wider financial use cases. Learn more by checking out our website: https://www.spartanhill.com
Information of Daily
DLY COP token is the stable coin for the Colombian peso, which means 1 COP = 1 DLY and is open for all kinds of consumers, even for users that are out of the system and have no experience in the crypto market. The purpose of DLY is to generate a sustainable. and decentralized economy.