Chee Finance Integrates Chainlink Price Feeds to Help Secure Cross-Chain Money Market
Chee Finance—an advanced cross-chain lending and borrowing protocol with both fungible token (FT) and NFT liquidity—has integrated Chainlink Price Feeds on BNB Chain and Polygon mainnets. By integrating the industry-leading decentralized oracle network, Chee Finance now has access to high-quality, tamper-proof price feeds needed to help facilitate supplying and borrowing events with the correct safety buffer on the protocol. This will provide its users with stronger assurances that the protocol is running under protection from data manipulation and single point of failure in price feeds.
This initial integration involves the use of the following Chainlink Price Feeds: Matic/USD, BTC/USD, and ETH/USD on Polygon, and BTC/USD, ETH/USD, and BUSD/USD on the BNB chain. They chose Chainlink as their 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.
Currently, there are constraints for supplying and borrowing on the same chain and limited use cases for existing money markets.
Chee Finance improves this in 2 ways:
1. Supporting various types of collateral, as well as both fungible token and non-fungible token standards.
2. Leveraging Cosmos’s IBC, Polkadot’s Parachain, and Stargate’s layer 0 bridge to achieve a smooth and permissionless path for cross-chain lending and borrowing.
DeFi lending requires robust collateral calculations that can be used to accurately liquidate positions and protect the protocol against bad debt. Chee Finance’s system is no exception. In order to help calculate collateral rates for accurate liquidations, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by its application.
As the industry-leading decentralized oracle network, Chainlink is both a silent buddy and important guardian to ambitious DeFi protocols. Chainlink Price Feeds help enable a secure lending and borrowing experience on Chee Finance, with high assurances the underlying price data that controls liquidations is accurate, reliable, and tamper-proof. ” – Jeremy Mou, CEO of Chee Finance.
About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
About Chee Finance
Chee Finance is a decentralized money market built on the Celo, Polygon, Meter.io, and BNB Chain networks that offers advanced cross-chain non-custodial FT & NFT liquidity. Users can easily lend, borrow, and earn interest with their digital assets.
