Lendefi Integrates With Chainlink Price Feeds
Lendefi Protocol thrilled to announce its integration with Chainlink Price Feeds on Binance Smart Chain mainnet to help secure its decentralized leveraged trading protocol that offer users undercollateralized loans.
The initial integration will utilize the following Chainlink Price Feeds:
Chainlink Price Feeds enable the Lendefi Protocol to receive high-quality price reference data at all times, helping the protocol become more resilient and secure.
The Lendefi Protocol (“Protocol”) is a decentralized protocol facilitating leveraged trading through secured lending, delivering confidence within the highly volatile cryptocurrency marketplace. Traders can select from a variety of supported assets for leveraged trading, and borrow funds from the Protocol. The Protocol removes the middleman from the lending equation and eliminates the red tape involved with lending. This removes counterparty risk between the trader and lender, creating a trustless transaction.
The lenders receive a variable interest rate secured by the liquidity within the DeFi ecosystem. For instance, if the trader is not able to maintain their loan, the Protocol will ensure the lender is repaid and the trader is credited with the remaining assets.
In order to help ensure that their leveraged trading protocol is less prone to data manipulation attacks, 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.
After reviewing various oracle solutions, they selected Chainlink Price Feeds because they provide access to the highest quality data with broad market coverage, robust oracle infrastructure proven to be reliable during extreme network conditions, and various on-chain monitoring systems that allow users to verify the integrity and performance of oracle networks. The end result is highly accurate, up-to-date, tamper-proof, and transparent price reference data that are made accessible on-chain for their smart contracts to consume in a single function call. With this robust decentralized oracle network in place, Lendefi is now more robust and resistant to data manipulation attacks.
About Lendefi Protocol
The Lendefi protocol will deliver leveraged trading and secured lending to cryptocurrency markets. Utilizing an undercollateralized loan model, Lendefi facilitates a trustless relationship between lender and borrower, managed by the protocol to remove counterparty risk.
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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