By integrating the industry-leading decentralized oracle network, WePiggy has access to high-quality, tamper-proof price feeds needed to price crypto assets in their lending market when issuing loans and checking collateralization. This will provide their users with stronger assurances that their collateral assets will consistently track global markets and won’t be affected by price manipulation.
Their initial integration involves Chainlink Price Feeds for the following assets: ETH, WBTC, BNB, MOVR, USDC, and USDT. They chose Chainlink as their go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production.
In order to help secure their lending markets, they needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, they needed 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, this integration provide a multitude of critical features such as:
- High-Quality Data
- High Update Frequency
- Secure Node Operators
- Decentralized Network
WePiggy is an open-source, non-custodial, crypto asset lending market protocol. In WePiggy’s market, users can deposit their crypto assets to earn interest, or borrow other crypto assets by paying interest. WePiggy aims to spread the benefits of cryptocurrency’s freedom and transparency to the widest possible user community in a more friendly and simple way, as well as be a good partner for them in wealth management.
Chainlink is the leading decentralized oracle network that enables smart contracts to reliably interact with off-chain data and systems such as web API’s, cloud providers, payments systems, IoT devices, and much more.