Injective will Integrate Chainlink Price Feeds to Settle User-Created Decentralized Derivatives Markets
We are excited to announce that we are integrating six Chainlink price feeds to secure our decentralized derivatives exchange. The integration will include price feeds for ETH/USD, BTC/USD, DAI/USD, LINK/USD, USDT/ETH, and YFI/ETH, with the ability to quickly onboard additional feeds in the future as we expand our product offering across more markets. These price feeds will enable our users to create their own decentralized derivatives markets with total assurance that they will be settled by highly reliable and securely delivered data feeds.
Injective is designed to attract all types of traders and offers a diverse range of derivatives markets. Thus, Chainlink will now be able to reach new consumers and markets via our DEX.
Our goal at Injective has always been to become the best trading platform for retail traders, market makers, and investment institutions by developing useful financial tools for community networks. Injective operates on the Injective Chain, which will integrate with Cosmos IBC in the future. The trading platform is supported by verifiable delay functions (VDFs) that protect against front-running with lower-latency trading achieved through soft transaction cancellations.
Injective allows any individual to create and trade derivatives instruments with just a price feed to serve as an arbitrator. Since blockchains do not inherently create price feeds, or at best only represent a small fraction of the total trading activity, there is a pressing need for an oracle to connect Injective to aggregated off-chain data feeds. Not only do these price feeds need to be accurate, but they need to be delivered to our platform in a highly available and tamper-resistant manner to avoid any data manipulation concerns.
After significant research into oracle providers, we selected Chainlink as the first decentralized oracle solution that we have chosen to work with. Chainlink is the market-leading decentralized oracle network, with 50+ live Price Feed Data that we can quickly leverage on our platform today. These price feeds collectively secure over $3B in USD value across DeFi, including over 90% of the DeFi derivatives market. Chainlink price feeds have become the most widely adopted oracle network in DeFi because they provide users with strong guarantees around data quality, node security, and process transparency.
Chainlink’s Price Reference Data feeds are composed of an aggregation of independent, sybil resistant nodes operated by leading security and blockchain DevOps teams. Chainlink Nodes retrieve data from premium off-chain data aggregators with strong market coverage across all trading environments. Node responses are then aggregated to create a single, highly accurate, available, and manipulation resistant on-chain price. All price feeds can be monitored in real-time by users via transparent visualizations, which show the current price, how the price is updated, the individual nodes that secure it, and much more.
“Chainlink has demonstrated its ability to deliver proven decentralized oracle infrastructure, high-quality data, and transparency to its DeFi ecosystem of users,” stated Eric Chen, CEO of Injective Protocol. “These are critical elements that we seek to bring to Injective Protocol in order to ensure it’s the most secure and reliable derivatives platform in the industry. We’re thrilled to use Chainlink to empower our users to quickly launch new and unique derivatives markets, and look forward to supporting additional price feeds as our user base grows.”
Chainlink’s price feeds are very easy to integrate; it’s essentially a plug-n-play solution with 50+ price feeds for cryptocurrency, FX, commodities, indices, and more already live. It’s also easy to build new price feeds not yet available, enabling Injective to easily scale to support increased demand. Finally, we are exploring using the Chainlink Network as a gateway to make trading/market data generated on our platform available to other blockchain dApps.
“We look forward to helping Injective’s users create their own derivatives markets by providing them with secure and reliable price oracles used to accurately settle contracts. Our collaboration will allow Chainlink to expand and scale alongside Injective, reaching a diverse array of new derivative markets and users globally,” said Johann Eid, Chainlink Product Manager.
About Injective Protocol
Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized derivatives and borderless DeFi. Injective Protocol enables fully decentralized trading without any restrictions, allowing individuals to trade on any derivative market of their choosing. Injective Protocol is backed by a prominent group of stakeholders including Pantera Capital, one of the most renowned venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
Want to learn more about Injective? Join us via the channels below!
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 Bancor; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.