Agave Integrates Chainlink Price Feeds to Help Secure Its Decentralized Money Market Protocol
Agave, a decentralized, non-custodial money market and lending protocol, has integrated Chainlink Price Feeds on the xDai network. By integrating the industry-leading decentralized oracle network, Agave has access to high-quality, tamper-proof price feeds needed to obtain a secure and reliable source of financial market data.
Our initial integration involves the use of the following Chainlink Price Feeds: USDC/USD, DAI/USD, WBTC/USD, and WETH/USD, with plans to add more feeds as new lending markets are launched. By providing price data that encompasses multiple layers of decentralization, Chainlink Price Feeds help ensure that lenders’ funds won’t become uncollateralized and borrowers aren’t liquidated without good reason. Ultimately, this helps protect against the primary risk in any blockchain-based lending protocol, as price data feeds have historically been a large attack vector to target DeFi platforms.
They 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.
About Chainlink
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.
About Agave
Agave DAO is a decentralized non-custodial money market protocol where users can participate by borrowing or lending money through the application. The native token is Agave (ticker $AGVE).
The three main pillars of utility for the Agave token are Governance of the protocol, Rewarding contributors for their work, and Security of the lending protocol.
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