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Synchrony Is Integrating Chainlink Price Feeds

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Synchrony, is a composable indexing protocol, DeFi explorer and asset management platform built on Solana is integrating Chainlink Price Feeds to Support AI-Powered Decentralized Asset Management on Solana.

Synchrony is integrating Chainlink Price Feeds to support calculations in their Wallet Trust Factor (WTF) and API, but they have big plans to utilize other fantastic Chainlink services as they continue to grow Synchrony.

The platform needs data fidelity and source diversity to support its indexes, copy-trading, and analytics.

Chainlink is a decentralized network of oracles that enables smart contracts to securely interact with real-world data and services that exist outside of blockchains. One of the main reasons they decided to use Chainlink Price Feeds is because they are proven to be the most time-tested market data solution available in the entire blockchain industry.

In fact, Chainlink Price Feeds already help secure 75B+ for leading dApps. More than that, the ApeSwap team has already had a positive experience using Chainlink VRF, which helps ensure their weekly BANANA rewards distributions to NFA holders are verifiably fair.

What Is Synchrony?

Synchrony is a state-of-the-art decentralized asset management platform utilizing a sophisticated suite of analytics and machine learning algorithms that evaluate and optimize sets of on-chain instruments to produce single-click solutions for diversified exposure to an ecosystem’s primitives. The core features powered by the platform are copy-trading and composable indices, both facilitated by a friendly DeFi Farmer’s market — a place to interact with the whole Solana blockchain from one location. It may sound complicated, but Synchrony Simplifies DeFi with AI.

Synchrony is one of the early Solana-native projects to integrate with Chainlink, but certainly won’t be the last, as the Solana network’s high throughput and cheaper gas fees continue to drive builders from other ecosystems. While Synchrony is starting with price and data feeds, we have plans to incorporate other Chainlink services — like Keepers for decentralized smart contract automation — as we build our DeFi metaverse.

Why Chainlink?

They picked the Chainlink Network for a number of reasons; its security, the decentralized and highly-reliable nature of its nodes, and the fact that Chainlink is the top oracle provider on leading blockchain networks. Helping secure more than $75B in smart contract value. As the security and reliability of the price data on their platform is paramount to their success, they needed to integrate with a battle-tested oracle solution that has already proven to be reliable even during times of extreme market volatility and network congestion.

Chainlink Price Feeds Use Cases in Synchrony

They will primarily use Chainlink Price Feeds for Synchrony’s Wallet Trust Factor (WTF) and Token Integrity metrics. Having accurate price data helps us provide our community with razor-sharp insights into the wallets they are researching. The WTF relies on tons of data to provide the end-user with a simple ranking system on the wallet they are viewing. A big portion of this relies on historical price data of tokens. As well as real-time market data based on global price discovery.

In the mid-term, they plan on incorporating Chainlink’s high-quality data into an entirely new set of metrics base on platform. On-chain and off-chain data to be access by their users and other projects utilizing their API.

Quote from Andy Keh, Co-Founder @ Synchrony

“When I first read about smart contracts I felt their application was fairly limited because of the lack of interaction with the ‘outside world’. Because of my background in supply chain and operations. My initial alternative value proposition for the blockchain, outside of a store of value — was in the application of the ledger to logistics. The problem with this potential application was the insular nature of the immutable ledger. Chainlink helps resolve this through a decentralized network of oracles that provide that link to the outside world. Oracles are the sensory organs of smart contracts. I’ve been an avid supporter since I learned about Chainlink in early 2020!

About Chainlink

Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain.

Website Twitter

About Synchrony

Synchrony is the first on-chain copy trading and composable indexing protocol facilitated by a friendly Solana Marketplace explorer.

Website | Twitter

SOURCE

https://medium.com/@synchrony/synchrony-is-integrating-chainlink-price-feeds-to-support-ai-powered-decentralized-asset-management-49fa16c9d00

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