LendHub to Use Chainlink Price Oracles to Secure Its HECO-Based Decentralized Lending Platform

LendHub, the largest decentralized lending platform on Huobi ECO Chain (HECO), to integrate Chainlink’s market-leading decentralized oracles to secure our lending and borrowing processes. Lendhub’s smart contracts will reference these Chainlink Price Feeds when issuing and checking the collateralization of loans, ensuring both are executed in accordance with fair market asset valuations.

Our initial integration will leverage USD-denominated Chainlink Price Feeds for the following assets: HT, HUSD, HBTC, USDT, ETH, HDOT, HFIL, HLTC, HPT, BAGS, MDX, BCH,UNI，BETH and COMP. As the most widely-used blockchain oracle, built with strong assurances around data quality and decentralized security, Chainlink will give users great confidence in LendHub’s continued solvency, fairness, and security of users’ funds.

Boosting LendHub’s Security with Chainlink’s Decentralized Oracle Network

Since our launch on January 14, 2021, the scale of deposits and loans on LendHub has exceeded $1.8 billion in USD value and achieved nearly 837,045 transactions. In fact, LendHub has served nearly 19,700 HECO on-chain addresses and currently has the second-largest TVL among DeFi projects within the HECO ecosystem. Currently, our network supports 15 different assets for lending and borrowing, with additional liquidity mining offerings for the LHB-HT and LHB-USDT pools.

Since the LendHub platform launch, the development team has completed 12 product iteration upgrades, along with regular updates to the user experience. Additionally, on February 13, 2021, LendHub officially launched the English version of our lending protocol and began to form overseas communities. As LendHub’s community expands internationally and its Total Value Locked (TVL) grows, it becomes even more critical that user funds become increasingly secured. One of the most important components to achieving increased security is integrating the most robust oracle solution in the market, particularly since it directly determines the size of issued loans and when loan liquidations occur.

It’s why we decided to make Chainlink the go-to oracle solutions across all our markets.  Everytime a user lends or borrows an asset through LendHub, Chainlink decentralized data feeds will determine the fair market price of those assets. Price data that is stale, manipulatable, or unavailable can lead to irreversible losses for users due to faulty liquidations and improperly calculated collateralization ratios that don’t properly hedge risk for the LendHub protocol.

After reviewing different oracle solutions, we found Chainlink Price Feeds to provide our users with the most thorough set of features to secure their deposited funds, most notably:

• Secure Nodes — Each Chainlink Price Feed is powered by a decentralized network of security reviewed and Sybil-resistant oracle node operators run by leading blockchain DevOps and security teams, leading to reliable services and Sybil-resistance.
• High-Quality Data — Each Chainlink Price Feed sources data from numerous premium data aggregators, with each aggregator pulling in data across all relevant centralized and decentralized exchanges, weighting it by volume, and filtering outliers, resulting in accurate and tamper-proof price data that’s resistant to exchange inaccuracies or manipulation.
• Decentralized Infrastructure — Chainlink Price Feeds are decentralized at the data source and oracle node levels, ensuring high availability and manipulation resistance in the sourcing and delivering of external data on-chain.
• Blockchain Agnostic – Chainlink is blockchain agnostic and already natively available on HECO Chain, creating a seamless integration experience and fast go-to-market launch of our lending markets.

According to LendHub core developer, Jason.“As a decentralized project, LendHub adheres to the development principle of safety first. It’s why it was an easy decision to integrate Chainlink Price Feeds as the oracle solution to secure the backend of our lending markets. Chainlink’s commitment to data quality, robust infrastructure, and an easy onboarding experience will allow us to quickly support new types of collateral within our lending markets, all while knowing that the loan issuance, maintenance, and liquidation functions will be tamperproof and in accordance with global prices.”

About Chainlink

Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized 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 decentralized finance (DeFi), insurance and gaming ecosystems, among others.

Chainlink is trusted by hundreds of organizations 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.

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About LendHub

LendHub is a decentralized lending platform of Huobi Heco chain. It accepts many Heco chain assets.Users can get incentive token LHB by borrowing assets from LendHub.LHB will help the assets transfer and value transfer of  heco chain assets by accepting the mortgage lending of heco assets.

——LendHub Team