Dexe Network Integrates with Chainlink
In an important milestone for social trading in DeFi, the Dexe Network is integrating industry-leading oracle network Chainlink to help power multiple platform features. The first, which is now live today, involves using Chainlink Price Feeds to list current fair market exchange rates and generate price charts within the DeXe Investment platform. The second, involves an upcoming integration of Chainlink Keepers to enable limit order functionality within their new LimitSwaps product. By integrating both Chainlink Price Feeds and Keepers, they will ensure that their products are highly reliable, backed by high quality data, and easy to use for their growing social trading community.
Chainlink has earned a solid reputation as the most widely adopted decentralized oracle service for DeFi, already securing tens of billions of dollars in value for hundreds of projects across multiple blockchains. As they work to create a one-stop platform for the world’s top traders and investors, there is no space for compromise regarding platform security, speed, and accuracy. In all three, Chainlink decentralized oracle solutions are second to none. As such, they are making Chainlink the default decentralized price oracle and smart contract automation provider for DeXe Network — giving users critical tools to make well-informed, optimal decisions.
Per DeXe Network’s Co-Founder, Dmitriy Kotliarov: “We looked at all the decentralized solutions on the market and it’s obvious that no one comes close to Chainlink. For DeXe Network users, there is no compromising on price feed speed, accuracy, and security.”
On the DeXe Investment platform, Chainlink Price Feeds convert a wide range of assets into USD, helping their users understand the USD value of any asset and the total value of their portfolio at any time. This functionality helps users pick traders with any primary asset without worrying about relative value. For example, users can choose the trader with ETH or DEXE as their primary asset, and still know the USD value without having to convert anything.
Chainlink Price Feeds are reliable because they source data from numerous premium aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates accurate global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans. These price feeds are updated at high frequencies to ensure users are referencing data reflective of current global markets.
In addition to data quality, Chainlink Price Feeds are powered by decentralized oracle networks made up of Sybil-resistant node operators run by professional DevOps with a long history of reliability during high gas prices and network congestion. Such decentralized architecture ensures high availability, tamper-resistance, and correctness of prices.
For their LimitSwaps product, we plan to integrate Chainlink Keepers to monitor asset prices and trigger our smart contract function when it meets a limit order threshold. Chainlink Keepers are basically a decentralized bot-as-a-service that uses the same pool of professional node operators to automate the calling of various SC functions. Chainlink Keepers leverage secure, low-cost, and verifiable off-chain computation to consistently monitor market conditions and then call the DeXe smart contract when users’ limit orders are satisfied. Practically, this means that anyone using DeXe’s Limit Swaps will have peace of mind knowing that their limit orders will automatically be executed correctly, timely, and in a trust-minimized manner.
Chainlink has proven itselves to deliver accurate pricing information and has built secure and essential services around it. We’re happy to use them for the benefit of DeXe’s users and the DeFi ecosystem as a whole.
About Chainlink
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
About DeXe
Dexe.Network is a decentralized social trading platform that operates via autonomous smart contracts and includes tools for virtual currency allocation and automatic rebalancing. It eliminates the risks of transferring digital wallet details such as private keys and API or any virtual currency data to a third party. Most importantly, the DeXe Network connects successful traders and followers in a transparent, verifiable way for the benefit of both groups.
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