ADVANCING ALCHEMIX WITH CHAINLINK.
Alchemix protocol self-paying loan protocol on the Ethereum blockchain, is in the process of integrating the widely used Chainlink Price Feeds. Their integration, which already involves the mainnet use of the DAI/USD Chainlink Price Feed, will expand to include the use and support of Chainlink Price Feeds for ALCX, alBTC, alUSD, and alETH. These decentralised price oracles will be referenced on-chain during for minting, liquidation, and/or payback processes of lending and borrowing by Alchemix and/or other DeFi protocols such as Cream Finance, who are looking to add support for Alchemix synthetic tokens.
Chainlink was selected as the go-to oracle solution to secure all of our $1.5B+ in TVL because it offers the most time-tested decentralised oracle solution, which is already securing over ten billion dollars in on-chain assets for leading DeFi protocols. Each Chainlink Price Feed is backed by high-quality data and robust oracle infrastructure, of which has proven to be resilient against a multitude of unexpected situations such as API downtime, flash crash outliers, and data manipulation attacks via flash loans.
About Chainlink
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralised community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralised finance (DeFi), insurance and gaming ecosystems, among others.
About Alchemix
Alchemix Finance is a future-yield backed synthetic asset platform and community DAO, managing over $1 billion of value. The platform gives you advances on your yield via a synthetic token that represents a fungible claim on any underlying collateral in the Alchemix protocol. The globally decentralised team is composed of DeFi natives who wish to push innovation in the space forward.
⬇️DETAILS:
https://alchemixfi.medium.com/advancing-alchemix-with-chainlink-277b48e27ec8
