Symphony Finance Integrates Chainlink Price Feeds to Help Protect Against Data Manipulation Attacks
Symphony Finance, the yield-generating limit order protocol, has integrated Chainlink Price Feeds on the Polygon mainnet. By integrating the industry-leading decentralized oracle network, Symphony Finance has access to high-quality, tamper-proof price feeds needed to help ensure our protocol is hyper-resistant to single sources of failure and price manipulation attacks. Chainlink Price Feeds will provide their users with stronger assurances that orders are filled at correct market prices even during periods of extreme network congestion and external infrastructure outages.
Their initial integration involves the use of the following Chainlink Price Feeds: ETH/USD, BTC/USD, DAI/USD, USDC/USD, USDT/USD, AAVE/USD, LUNA/USD, MATIC/USD. They chose Chainlink as their 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.
Symphony Finance is a decentralized protocol that enables users to generate yield on limit orders across any DeFi protocol — a highly useful tool, since some limit orders remain dormant for days or even weeks while traders wait to fill their positions. Users can create a limit order if they have a rough idea of the maximum and minimum price range of an asset, and the asset will keep generating yield until the limit order is filled. When a limit order is filled, the new assets and accumulated yield get transferred to the user automatically. So all a user needs to do is just set the range (limit and stop-loss) and relax!
“Chainlink Price Feeds are the most robust, time-tested market data solution available in the DeFi industry. Moreover, integrating Chainlink was a seamless process requiring minimal developer resources from our team, giving us more time to focus on building a highly useful DeFi protocol instead of integrating infrastructure.”
— Kakashi, Core Dev at Symphony Finance
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.
Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Symphony Finance
Symphony Finance maximizes the total return using limit order + yield generation. The sell asset is deposited to a yield generating protocol like Aave, Mstable, Yearn, etc. This feature allows limit orders to earn yield for the time they are on the order book. The order creator receives the buy asset automatically when the order is filled. The orders are filled automatically by “Executors”. The executor receives a small fee for executing the orders as they have to bear the expenses for running the relayer service and transaction costs.
Stop-loss is another great feature that allows for minimizing risk in case the sell asset price goes below a certain price threshold. Symphony limit orders are obviously different from the traditional limit orders where the sell assets are not utilized while the order is on the order book.
