Parrot Integrates With Chainlink
Parrot, a DeFi platform live on Solana mainnet designed to unlock LP liquidity through lending, is integrating Chainlink Price Feeds. By integrating the industry-leading decentralized oracle network, they have access to tamper-proof price feeds used to reliably calculate collateral requirements and liquidate loans on its lending protocol.
Parrot chose to integrate Chainlink Price Feeds because they provide time-tested price feed data in a decentralized manner, helping us maintain the crucial security features needed for blockchain-based applications. Chainlink Price Feeds are battle-hardened and used by some of the largest DeFi protocols across the blockchain industry to help secure tens of billions of dollars in total value locked (TVL). Crucially, Chainlink Price Feeds have been resilient in the face of unexpected events such as flash crashes, exchange downtime, extreme market volatility, and even flash loan attacks — helping assure our users that the price oracles securing our lending function cannot be tampered with.
Parrot is a top-10 Solana project by TVL that helps users access locked liquidity in the form of LP tokens by allowing users to take out loans against their LP positions. Users are able to borrow Parrot’s native stablecoin PAI, SOL, Solana-based tokens, and cross-chain assets by locking up specified LP tokens as collateral. Ultimately, the goal is to provide more functionality to LP tokens, which traditionally have limited use cases other than yield farming.
ABOUT Parrot
Parrot is a liquidity network for borrowing and lending, offering a suite of DeFi products such as stablecoin $PAI, Synthetic BTC (pBTC), Parrot stake pool token (prtSOL), Synthetic SOL (pSOL) and EARN vaults, where the deposited collateral is used to generate yield for borrowers
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.
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