BaksDAO Integration With Chainlink Price Feeds
BaksDAO, a DeFi lending and borrowing platform, has integrated Chainlink Price Feeds on BNB Chain. By integrating the industry-leading decentralized oracle network, BaksDAO has access to high-quality, tamper-proof price feeds needed to help value collateral deposits and stabilize the platform’s algorithmic stablecoin BAKS. This will provide our users with stronger assurances that loan amounts are determined and issued based on accurate, high-quality price data.
Initial integration involves the use of the following Chainlink Price Feeds:
- BNB / USD
- BTC / USD
- ETH / USD
- USDT / USD
BaksDAO chose Chainlink as their go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. 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
ABOUT BaksDAO
BaksDAO is a cryptocurrency investment management product through credit and deposit offerings implemented on the BNB Chain blockchain. The Baksdao.Finance platform offers open-ended loans and high rewards while depositing cryptocurrency. Management of the platform is in the hands of a decentralized community and is done through voting by BDV token holders. The BAKS Algorithmic Stablecoin is a working token and is traded on the exchange.
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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