TribeOne Integrates with Chainlink to Secure Price Data Across Lending and Borrowing Platform
We’re excited to announce that TribeOne, one of the first AI-powered NFT and DeFi funding platforms will integrate Chainlink Price Feeds on Polkadot. By integrating Chainlink’s industry-leading decentralized oracle network, TribeOne will have access to high-quality, tamper-proof price feeds for our NFT and DeFi lending and borrowing platform. This will provide our users with strong assurances that they have access to the most authentic and updated price feed in the crypto sphere.
We chose Chainlink as our go–to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already secures leading DeFi protocols responsible for 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.
TribeOne is one of the first AI-powered NFT & DeFi funding platforms, where we will be providing loans & lending options for both NFTs and crypto-assets. A platform extensively for borrowing, lending, investing, and credit risk that is backed by RAROC (Risk-adjusted return on crypto). Through our user-centric approach and revolutionary products, we will provide the DeFi sphere with enormous benefits, removing all traditional financial barriers for users.
In order to secure our NFT and DeFi funding platform, our aim is to provide our users with fair and authentic price feeds against their NFTs and crypto-assets; speeding up the process using blockchain technology.
We need access to fresh 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, so we need to make use of an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After exploring various oracle solutions, we selected 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, ensuring broad market coverage through 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 accurate 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.
With Chainlink as our go-to oracle solution, we can now bring authentic and fair live price feeds in the stable coins and NFT marketplace to all users around the world.
“We are delighted to integrate with Chainlink. The industry-leading oracle solution provider that ensures secure and verifiable data feeds for our NFTs and DeFi funding platform. This integration will ensure that the TribeOne users get the most authentic and fair price feeds secured.”
-Mehdi Suleman, Founder and CEO of TribeOne.
TribeOne is an AI-powered decentralized financial platform backed with RAROC (Risk-Adjusted Returns On Crypto) technology. TribeOne is an NFT, lending, borrowing, saving, and credit risk platform that offers a seamless experience to users through its innovative consumer-centric products. The platform will break barriers in the traditional financial ecosystem and revolutionize the DeFi sphere as a whole. TribeOne will also provide the community with a platform to lend, borrow, and invest in crypto assets and NFTs, offering a seamless experience for all.
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance, and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter and follow @chainlink on Twitter.