Coherence Finance Integrating Chainlink Price Feeds on Solana
Coherence Finance is a DeFi platform for buying, selling, and creating crypto ETFs built on Solana, announced integration with Chainlink Price Feeds on Solana.
By integrating the industry-leading decentralized oracle network, Coherence will have access to high-quality, tamper-proof price feeds that are needed to help ensure accurate calculations of ETF prices based on the underlying assets on the platform.
Coherence aims to provide a simple way for new users to invest in crypto with minimal knowledge and risk. Currently, a new user’s only option is to download an app like Coinbase and invest in individual tokens when what they may want is to invest in the overall market. Users can decrease this risk by being well-educated on individual projects in the context of the larger market, but not everyone has the resources or time to achieve this.
Coherence solves this by providing an easy way for the everyday person to diversify their holdings. Users can use the platform to buy ETF tokens that represent overarching Web3 verticals such as the general crypto market, metaverse applications, or blockchain gaming.
Coherence enables users to hold tens or hundreds of tokens at once through a single ETF, simplifying the road to mass diversification. Coherence Finance users will also have the ability to build their own specific ETFs, which can be bought into by other users.
To help ensure accurate calculations of ETF prices based on the underlying assets, Coherence needs access to fresh asset prices that are supplied in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, the use of an oracle network was necessary to fetch aggregated price data off-chain and deliver it to the application for display.
Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
As Coherence grows, they will continuously integrate new tokens that can be added to ETFs on the platform, whether they are cross-chain or Solana native.
— Coherence Co-Founder Andrew Gunderman
“Trust and security is at the heart of Coherence Finance, and Chainlink Price Feeds are the industry standard for secure, reliable, and accurate price data. This integration will be absolutely pivotal for giving our users stronger assurances that they can trust price data on our platform at all times.”
About Coherence Finance
Coherence is a platform for buying, selling, or creating your own crypto ETFs. Coherence aims to onboard new crypto users by providing a simple way to diversify, de-risk, and abstract away the complexities of the crypto industry.
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.
⏩ SOURCE
