Derify Protocol Integration with Chainlink

Published on: 07.12.2022
Derify Protocol Integration with Chainlink

Derify Protocol Integration with Chainlink, a brand-new decentralized derivatives protocol that mainly provides decentralized perpetual trading services. 

By integrating the industry-leading decentralized oracle network, Derify Protocol has access to high-quality, tamper-proof price feeds needed to help implement derivatives trading.  As Derify Protocol announced its Integration with Chainlink.

Integration

This involves the use of the following Chainlink Price Feeds: BTC/BUSD, ETH/BUSD, and MATIC/BUSD trading pairs. We chose Chainlink as our 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 downtime, flash crashes, and data manipulation attacks via flash loans.

 Chainlink Price Feeds

  • High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
  • Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
  • Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
  • Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.

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Website | Twitter

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About Derify Protocol

Decentralized derivatives protocol that mainly provides decentralized perpetual trading services. For better derivatives trading experience. They have innovative designs, including position mining. HAMM (hedged automated market maker), 0 slippage, 0 funding fee, and support on-chain limit orders.

Website | Twitter

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SOURCE: MEDIUM
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