Lendingblock Integrates Chainlink For Decentralized Pricing Data
Lendingblock, a cryptocurrency lending and borrowing platform, has successfully completed its integration of Chainlink’s industry-leading decentralized oracle network. Specifically, Lendingblock is now using Chainlink Price Feeds, which provide critical, real-time market pricing data around hundreds of assets. Chainlink’s high-quality market data helps ensure Lendingblock’s backend pricing mechanism reflects accurate fair-market rates and that its critical loan lifecycle processes, such as asset value reporting and liquidations, are tamper-proof.
Lendingblock’s new flagship stablecoin borrowing service Borrow lets users borrow assets now and pay later without worrying about exorbitant rates, hidden fees, or credit checks. Borrow is using Chainlink Price Feeds covering Bitcoin, Ethereum, and Tether priced against four fiat currencies: USD, EUR, GBP, and RUB. Chainlink Price Feeds provide Borrow with highly reliable price data to help ensure collateral valuations are accurate and that liquidations occur at fair-market rates.
Lendingblock’s interest-bearing service Earn lets users deposit their tokens to earn a fixed amount of interest on their assets that is paid out in monthly increments. Earn is also utilizing Chainlink Price Feeds to provide its users with instantaneous and precise portfolio valuation reporting to better assist their decision-making processes.
Chainlink Price Feeds provides multiple unique features, including:
— High-Quality Data
— Secure Node Operators
— Decentralized Network
— Transparency
About Lendingblock
Lendingblock is a cryptocurrency lending and borrowing platform formed in 2018. With the initial focus on building a lending and borrowing exchange for institutional clients, Lendingblock now offers use of its proprietary technology under SaaS and licencing agreements, with the first of such licencing agreements announced in 2021 with the Eqonex Group (NASDAQ listed digital asset exchange, formerly known as Diginex). In October 2021, Lendingblock launched its retail lending and borrowing platform, empowering individuals to earn interest on or borrow against their cryptocurrency holdings using an institutional-grade platform.
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.
➡️Source:
https://www.lendingblock.com/post/lendingblock-integrates-chainlink-for-decentralized-pricing-data
