dYdX Chooses Chainlink as its Oracle Provider for New Market
We are excited to announce the launch of a new Perpetual Contract market for LINK-USD which uses Chainlink’s LINK/USD Price Reference Data feed as a reference price to determine on-chain liquidations.
After performing extensive due diligence, we selected Chainlink’s LINK/USD price oracle because it provides the highest quality price data, delivered by the largest and most decentralized group of independently run, Sybil-resistant oracles. Our users can also monitor the real-time health of the oracle via Chainlink’s various monitoring resources, in order to gain insights into the oracle network as a whole, or the individual nodes and their on-chain responses.
With Chainlink already securing over $2B USD value within DeFi, we are confident that Chainlink’s oracle infrastructure is capable of supporting our LINK-USD Perpetual Contract—both now, and well into the future—even under the most adverse market conditions. Chainlink’s price reference model is especially critical for helping us secure assets in more thinly traded markets, which can be reliably mitigated by its high-quality aggregated data feeds.
We are working on launching additional Perpetual Contracts to our platform, with the goal of making dYdX the go-to platform for trading a variety of cryptoassets across Spot, Margin, and Perpetuals. We are also actively building a Layer 2 solution with StarkWare to be able to offer an even better experience for our traders.
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 dYdX protocol, view official announcement.