DeFiPie Integrates Chainlink Price Feeds for BTC/USD, ETH/USD, & LINK/USD
The Chainlink integration will enable the DeFiPie app to source accurate and reliable price data for our borrowing and lending marketplace, yield farming functionality, and liquidity pool and governance token staking once it launches on mainnet.
DeFiPie is a UX-focused all-in-one DeFi platform where users can manage funds according to custom risk and return thresholds. The DeFiPie app allows users to earn returns on crypto assets similar to a money market account with options to allocate assets to higher risk protocols. We are broadening the market for DeFi by creating an intuitive user experience that makes joining DeFi markets as easy as logging into an exchange and making trades.
DeFiPie will use Chainlink’s oracle data to perform outputs that are specified by users. For instance, DeFiPie users may request that a loan agreement is formed when interest rates for ETH/USD reaches a certain level. DeFiPie will request the ETH/USD price data, feed it into our interest computation algorithm, and the smart contract will form the loan agreement if the interest rate meets the criteria. By using Chainlink technology, DeFiPie users can create a fully customizable interaction with DeFi and be fully confident that their contract conditions will execute exactly as instructed with accurate and reliable data.
Chainlink is the market-leading decentralized oracle network specializing in securely and reliably connecting blockchains to real world data and APIs, including 39 live price feeds for all of the most prominent trading pairs in DeFi. These price feeds offer several strong guarantees to our users relying on them for key functions, including:
- Accurate price data sourced from multiple high quality off-chain data aggregators, which provide volume adjusted market coverage across all trading environments — no single source of truth
- High availability and tamper-resistant data delivery via its decentralized node network architecture made up of Sybil resistant node operators run by leading blockchain DeVops and security teams — no single point of failure
- Proven price oracles that are live on mainnet and currently secure over $1.5+ billion in USD value for many top DeFi applications like Synthetix and Aave — proven success in-production
- Transparent on-chain visualizations that allow any user to independently monitor the price data on the network such as the current price, the nodes providing data to the oracle, the update frequency, and more — transparent price feeds
The open visualization available to developers and users as a means of monitoring the health of the ETH/USD Price Reference Feed
In addition to these key features, we chose Chainlink because of its ability to support our aggressive launch and scaling schedule. Their Price Reference Data model is an established framework for launching new and/or joining existing price feeds to quickly support additional collateral options as we scale. This allows us to scale rapidly, as the backend oracle development work is complete and proven to be reliable. DeFiPie has been careful to work solely with teams that have already demonstrated that their technology works flawlessly, and Chainlink passes this criteria easily.
“Chainlink’s technology is critical to scaling DeFi for mass adoption,” said Aleksei Kopievskii, DeFiPie CEO & Lead Developer. “The already live and reliable BTC/USD, ETH/USD, and LINK/USD price oracles will save us tremendous backend development, letting us deliver on a safe and exceptional user experience without having to build out our own entire oracle network. As we scale and need to add more collateral options, we’re confident in Chainlink’s ability to rapidly provide whatever data feeds we need.”
If you’re a developer and want to quickly get your application connected to Chainlink Price Reference Data, visit the developer documentation and join the technical discussion in Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.
Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to DeFiPie, view official announcement.