Enzyme Integrates Chainlink Price Oracles to Unleash Rapid Expansion of Assets
We’re excited to announce a live and growing integration with market-leading oracle solution Chainlink, leveraging its Price Feed oracles as a means to dramatically expand the asset universe on Enzyme. By integrating with Chainlink, Enzyme users can now incorporate numerous ERC20 tokens in their portfolio with easy access to an expansive set of existing decentralised price oracles, and a framework for launching new ones.
This opens up the possibilities for asset management strategies on Enzyme drastically, making it possible to include virtually any on-chain asset which has a Chainlink Price Feed. One of the biggest feature requests we’ve got over the past year is… more assets! With Chainlink, we now have a solution.
Until now, including more assets within the Enzyme Protocol has been subject to a) having a reliable on-chain price feed and b) costs. Kyber has served Enzyme well as a price feed until now but it was never designed to be a dedicated price feed oracle and therefore cannot help us scale the Enzyme universe as quickly and securely as we would like for our users.
Chainlink was the clear oracle solution choice for v2 because of both the range of assets available and the way it sources price data from multiple premium aggregators. It uses a decentralised approach at both the data source and oracle levels to ensure manipulation-resistant and reliable data feeds, with transparent visualisations so anyone can monitor the oracle networks in real-time. The oracle networks are secured by independent, security reviewed node operators with significant blockchain and IT DevOps experience to deliver an oracle solution serious about security, reliability, and Sybil resistance.
What does this mean for users?
“Upgrading to Enzyme and integrating Chainlink means that Enzyme users will have access to a large collection of existing price pairs and the possibility to sponsor other asset pairs they want to see” stated Mona El Isa, Co-founder of Enzyme.
“We’re excited to provide Enzyme with a wide variety of high-quality price feeds via secure and reliable oracle networks to ensure that on-chain asset management functions are both precise and inherently resistant to downtime and flash loan-induced price manipulation,” stated Johann Eid, Chainlink Product Manager.
What about derivatives?
Derivatives derive their value from the value of other assets. The good news is that Enzyme can now handle these too! Architecturally, we now have logic that can facilitate the inclusion of any derivative asset on-chain as long as the derivative is an ERC20 and derives its value from an asset (or assets) with a price feed available via the Chainlink Network. Examples of such tokens are cTokens by Compound, pool tokens by Uniswap, and synths by Synthetix.
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Developer documentation can also be found here.
Chainlink is the most widely used and secure way to power universal smart contracts securing over $8 billion in value on main-net for many leading DeFi projects. With Chainlink, deavelopers can connect any blockchain with high-quality data sources from other blockchains and 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.
Chainlink is trusted by hundreds of organisations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter and follow @chainlink on Twitter.