KyberSwap Integrates Chainlink Price Reference Data for Enhanced Price Feeds
We are excited to announce that KyberSwap is now using Chainlink Price Reference Data to update our asset prices. This allows users to verify on-chain the price of assets whenever they are performing a token swap. Chainlink’s price feeds will complement our existing Kyber Network feeds.
Enhancing Price Data for Traders
Currently, KyberSwap’s price feeds are taken exclusively from Kyber Network. While using Kyber Network as an on-chain feed for token prices is viable, users are recommended to take adequate measures to verify the rate obtained on Kyber with multiple other price feeds to ensure the most accurate market rate when making a swap.
By referencing Chainlink’s price feeds for supported tokens, KyberSwap enhances the reliability of key price feeds that users count on for calculating slippage rates. Adding Chainlink Reference Data also hardens KyberSwaps’s security, further safeguarding against price manipulation by malicious parties. When swapping tokens, market reference prices are now displayed on KyberSwap as deriving from both Chainlink and Kyber Network.
What is Chainlink?
Smart Contracts provide the ability to execute tamper-proof digital agreements, which are considered highly secure and highly reliable. In order to maintain a contract’s overall reliability, the inputs and outputs that the contract relies on need to be as secure as the underlying blockchain.
Chainlink offers a framework for building decentralized oracle networks. Developers can aggregate multiple independent oracles and multiple data sources to create a manipulation resistant data point that is reliably delivered to the smart contract. This allows decentralized applications to interact with off-chain resources while retaining their end-to-end security.
The Chainlink Network provides the largest collection of reliable on-chain price reference data for DeFi. All Chainlink price reference data feeds are secured by decentralized oracle networks, which source data from numerous premium data aggregators to maintain strong market coverage across all trading environments. Each of the Price Reference Feeds are transparent and viewable here.
“KyberSwap is glad to work with a reputable project like Chainlink and its decentralized oracle network to provide reliable price feeds for our non-custodial token swap platform and improve the overall trader experience.” — Sunny Jain, Head of Product, KyberSwap
“We’re excited to integrate Chainlink Price Reference Data with KyberSwap to bring more security and reliability to the price feeds their traders rely on for calculating slippage.” — Johann Eid, Product Manager on Chainlink
KyberSwap is the easiest and fastest way to swap between Ethereum tokens. KyberSwap is powered by Kyber Network’s on-chain liquidity protocol, which allows it to gain access to liquidity for over 70 different ERC20 tokens.
Other KyberSwap features
- Fast and secure token swaps
- 70+ ERC20 tokens available including DAI, USDT, USDC, KNC, SNT, LINK, SNX, UBT
- Fully on-chain; you maintain full control over your funds
- Great rates due to liquidity aggregation
- Non-custodial Limit Orders; funds remain in your wallet until the order executes
- Price Alerts
- Fiat to crypto on-ramps
- Live customer chat
If you’re a developer and want to connect your smart contract to existing data and infrastructure outside the underlying blockchain, reach out to them here! They can help you quickly and securely launch your data-enabled application or Chainlink Price Reference Data Contract on mainnet today. You can also visit the developer documentation or join the technical discussion on Discord. Learn more by visiting the Chainlink website or follow them on Twitter or Reddit.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. It is well known for providing highly secure and reliable oracles to large enterprises (Google, Oracle, and SWIFT) and leading smart contract development teams such as Polkadot/Substrate, Synthetix, Loopring, Aave, OpenLaw, Conflux, and many others.
About Kyber Network
Kyber’s on-chain liquidity protocol allows decentralized token swaps to be integrated into any application, enabling value exchange to be performed seamlessly between all parties in the ecosystem. Using this protocol, developers can build innovative payment flows and applications, including instant token swap services like KyberSwap, ERC20 payments, and financial DApps — helping to build a world where any token is usable anywhere.
Kyber is the most used and integrated decentralized finance (DeFi) protocol in the world, with over US$1Billion worth of transactions facilitated since its inception. Kyber supports over 80 different tokens, and powers over 100 integrated projects including popular wallets MEW, Trust, Enjin, Argent, Digifox, and the HTC Exodus smartphone, as well as DeFi platforms Nuo, DeFiSaver, InstaDApp, Set Protocol, Melon, and many others.
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to KyberSwap, view official announcement.