Primex Integrates Chainlink
Primex Integrates Chainlink Price Feeds to Help Power Decentralized Trade Execution
Firstly, the Primex Integrates Chainlink. Primex — a decentralize prime brokerage protocol with cross-chain margin trading on a wide variety of DEXs — has integrated Chainlink Price Feeds on Rinkeby testnet. By integrating the industry-leading decentralized oracle network. They now have access to high-quality, decentralized, & tamper-proof price feeds needed to help power precise margin trading liquidations & on-chain stop-loss, take-profit, and limit orders.
Also they chose Chainlink because it is the industry-standard decentralize oracle network. Chainlink Price Feeds are widely adopted by standout DeFi protocols due to the service’s highly reliable and secure functionality. Already helping secure tens of billions of dollars, Chainlink Price Feeds are underpinned by multiple levels of aggregation at the data source, node operator, and oracle network levels to help protect against market volatility, single points of failure, and data manipulation attacks through flash loans.
Moreover, A hallmark Primex feature is cross-chain margin trading on DEXs. Lenders can provide their digital assets to Credit Buckets. Enabling traders to borrow across EVM blockchains and access margin trading within their preferred DEX. Lenders receive interest backed by trading fees and profits from successful trades. Borrowers have seamless access to a large pool of capital to accentuate their trades.
Key component
A key component to building reliable & secure margin trading functionality having reliable source of price data on underlying assets being traded. The protocol must step in & liquidate the trader’s position at the appropriate time to help ensure that lenders remain solvent regardless of the trader’s actions. A highly accurate, reliable, and real-time source of price data is crucial to powering accurate and fair liquidations.
Furthermore, Primex facilitates trades across multiple DEXs, have their own native price data oracles based on their specific trading pairs. However, due to issues like flash loans & the inevitable price & liquidity differences between DEXs, a more robust solution was needed. With Chainlink Price Feeds, they’re able to access high-level. Also Aggregated price data that accurately represents the fair-market price of assets by accounting for liquidity, volume, outliers, and more.
A few standout features of Chainlink Price Feeds include:
High-Quality Data
— Source data from numerous premium data aggregators. Leading to price data that’s aggregated from hundreds of exchanges, weighted by liquidity depth, & cleaned from outliers & suspicious volumes. Chainlink’s data aggregation model generates precise global market prices that are resistant to API downtime, flash crash outliers, & data manipulation attacks like flash loans.
Secure Node Operators
— Secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams. Data providers, & traditional enterprises with a strong track record for reliability, even during high gas prices & extreme network congestion.
Decentralized Network
— Decentralized at the data source, oracle node, and oracle network levels. Generating strong protections against downtime & tampering by either the data provider or the oracle network.
Transparency
— Robust, publicly available reputation frameworks and on-chain monitoring tools allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offer.
They also plan to integrate Chainlink Keepers to help automate critical smart contract functions, including triggering liquidations & building ubiquitous trading functionality such as stop-losses, take-profit, & limit orders directly into the platform. Besides, this decentralized service will help take Primex to the next level in user functionality and help it become a staple in cross-chain DeFi.
About Primex
Primex the cross-chain prime brokerage liquidity protocol for cross-DEX margin trading. In Primex, lenders provide liquidity to pools where traders can use it for leveraged trading in cross-DEX environments. Lenders then have an opportunity to earn high yields, their interest is generated from margin fees & profits on successful trades. Lastly, Lenders will have the flexibility to manage their risks & return by providing liquidity to a variety of Credit buckets, subsets of liquidity pools that regulate trader risk strategies.
About Chainlink
The Chainlink the industry standard for building, accessing, & selling oracle services needed to power hybrid smart contracts on any blockchain. Oracle networks provide smart contracts with a way to reliably connect to any external API & leverage secure off-chain computations for enabling feature-rich applications. Currently secures tens of billions of dollars across DeFi, insurance, gaming, major industries, & offers global enterprises & leading data providers a universal gateway to all blockchains.
