Canary Exchange integrates with Chainlink Price Feeds
Canary Exchange — A Yield Farming, Staking and Swaping Platform optimized for generating high APYs — will integrate Chainlink Price Feeds on Avalanche Network. By integrating Chainlink’s industry-leading decentralized oracle network, Canary Exchange will have access to high-quality, tamper-proof price feeds needed to develop new decentralized applications for financial analysis, gaming, and more. This will provide our users to better monitor their financial products and/or have some fun while investing in the blockchain world.
Canary chose Chainlink as their 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.
Canary plan to develop various dApps using the price feeds Chainlink provides to them. Some of these are financial analysis applications, games, price prediction contests, etc. In the future, they will enrich their application diversity with other data provided by Chainlink.
Canary need access to fresh asset prices that are supplied directly on-chain in a highly reliable manner in order to develop new decentralized applications in their mind. Fair market asset prices should reflect a volume-weighted average from all trading environments, so they need to make use of an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by their application.
After reviewing 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.
In the future, they will enrich their application diversity with other data provided by Chainlink. Education and sports are among the areas we want to develop applications on.
Canary decided on Chainlink as a data provider oracle because it has a great team behind it. They always did the right things at the right time. They are already excited about what Chainlink will bring to the blockchain world in the future.
About Chainlink
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.
About Canary Exchange
Canary Exchange is a decentralized exchange (DEX) which runs on Avalanche, the most promising and the fastest blockchain! Canary Exchange works with a model called AMM which is a game changing tech. Automated market makers (AMM) allow digital assets to be traded without permission and automatically by using liquidity pools instead of a traditional market of buyers and sellers.
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