SpiritSwap Leveraging Chainlink Price Feeds Through Ola Finance to Power Fantom Lending Services
Ola Finance recently announced its integration of Chainlink Price Feeds, which means the SpiritSwap Lending Network has access by default to the most secure and reliable oracle solution in the blockchain industry. SpiritSwap uses these Chainlink-powered decentralized price oracles to calculate users’ borrowing capacity and verify if loans are under-collateralized.
In fact, Ola Finance’s integration with Chainlink was one of the key factors in our decision to leverage Ola Finance as a quick and secure framework for launching our lending network. Chainlink Price Feeds are time-tested and already help secure tens of billions of dollars in value across DeFi. Importantly, they have proven highly resilient and accurate, even during extreme market volatility and adversarial conditions.
SpiritSwap is an all-in-one DeFi solution on the Fantom blockchain that offers swap functionality, yield farming options, a lending platform and much more. As of writing, SpiritSwap has already accrued over $250M in TVL in a short amount of time thanks to our powerful DEX.
When it comes to on-chain lending, price oracles are crucial for issuing loans at fair market prices, keeping lenders solvent by preventing under-collateralization, and protecting borrowers from faulty liquidations. Some of the optimizations that Chainlink Price Feeds offer, which stand out compared to other oracle 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 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.
- 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 with a strong track record for reliability.
- 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.
- 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.
Thanks to Ola Finance’s built-in support for Chainlink Price Feeds, we feel very confident in the precision, security, and reliability of the oracles used throughout our on-chain lending operations. Additionally, we are already working on adding support for other Chainlink services, such as sponsoring our very own SPIRIT Price Feed, integrating Chainlink VRF, and leveraging Chainlink Keepers.
“Built-in support for Chainlink Price Feeds made it an even easier decision to use Ola Finance as the basis of the SpiritSwap Lending Network,” commented Robert Neir, Co-founder of SpiritSwap. “Chainlink Price Feeds have proven to be highly reliable over many years, providing our users the peace of mind that lending operations will stay in sync with global markets and resist various forms of potential attacks.”
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.
SpiritSwap is a decentralized exchange (DEX) on the Fantom Opera Network. Traders can easily swap between tokens within our application and get guaranteed rates for the swaps. Each swap on SpiritSwap incurs a fee, which gets distributed between liquidity providers and is used to buy back SPIRIT tokens at market rate, which is then distributed to inSPIRIT holders. While offering lightning quick swaps at an affordable rate, SpiritSwap are moving towards becoming a full DeFi suite, offering users different strategies to manage their cryptocurrency assets. SpiritSwap’s key features include zapping functionality, inSPIRIT, boosted farms, lending and borrowing, leverage trading and a cross chain bridge.
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