Parrot is Integrating Chainlink Price Feeds to Accurately Price Collateral and Liquidate Loans

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, we have access to tamper-proof price feeds used to reliably calculate collateral requirements and liquidate loans on our lending protocol.

They chose to integrate Chainlink Price Feeds because they provide time-tested price feed data in a decentralized manner, helping them 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.

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 Parrot

Parrot is a liquidity network for borrowing and lending, offering a suite of DeFi products:

  • The stablecoin PAI
  • Synthetic BTC (pBTC)
  • The Parrot stake pool token (prtSOL)
  • Synthetic SOL (pSOL)
  • +EARN vaults, where the deposited collateral is used to generate yield for borrowers

đź”˝DETAILS:

https://gopartyparrot.medium.com/parrot-is-integrating-chainlink-price-feeds-to-accurately-price-collateral-and-liquidate-loans-9e94dd785759

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