PARSIQ is excited to announce that we have successfully integrated Chainlink’s price feed oracles live on mainnet into our monitoring and automation platform. The PARSIQ platform is an off-chain automation solution, where users and enterprises can monitor blockchain data to automate workflows on their personal off-chain applications, such as receiving alerts in Telegram when certain blockchain activity occurs, or logging notable events in personal record keeping services.
PARSIQ will now be actively monitoring Chainlink’s price oracles, thus allowing developers to build new automated event workflows based on Chainlink’s secure and reliable price data. These new Events, called Use Case Streams, enable developers to use asset prices to implement more complex logic and automation, such as triggers to notify traders when asset pairs reach optimal prices, adding price data to accounting workflows, or conducting other price-based calculations.
We selected Chainlink because it’s the most widely used oracle solution in the market for secure and reliable delivery of high-quality price data to smart contract applications. It’s become a standard throughout DeFi, already securing over $4B of USD value for leading applications like Synthetix, Aave, yEarn, and many more. As such, we see Chainlink price feeds as a key benchmark in the cryptocurrency market that many users want to monitor and build automated workflows around, especially based on their price updates.
<An example of Chainlink’s ETH/USD Price Feed oracle network.>
Integrating Price Feeds with ParsiQL Smart-Triggers
One of PARSIQ’s core concepts is Smart-Triggers, which can be seen as a workflow that gets executed when a particular Blockchain Activity happens under certain conditions.
Below, is a very simple Smart-Trigger written in our own language called ParsiQL that:
- gets activated when ETH Transfers occur and one of its parties is an Ethereum Account address stored in “TableOfMyAddresses’
- after execution, emits a simple resulting event
The Smart-Trigger connects to a Native Event Stream, where each condition’s matching event acts as an input for the Smart-Trigger, which then activates the workflow.
Native Event Stream of Blockchain Activity based Events are fundamentally native to a certain blockchain or at least received a status of an integral part of it (e.g. Ethereum Token Transfers). For example, with Ethereum, we could have Transfers, Token Transfers, Smart Contract Message Calls, or Smart Contract Events.
Chainlink Price Feeds Enable New Event Streams
Starting with the Chainlink integration, PARSIQ will introduce a new type of Event Stream called Use Case Streams. Each Use Case Stream will consist of more complex Events representing important and interesting Blockchain Activities.
The initial integration is with Chainlink Price Feeds. By introducing an Event Stream called ChainlinkPriceFeed, Smart-Triggers can connect to a Stream of the latest round price updates for all pairs. Whenever the oracle network’s reference contract for any pair, like ‘ETH/USD’, gets a completed latest round, then a new Event is placed to the ChainlinkPriceFeed with this completed round’s data.
An oversimplified Smart-Trigger, built with ParsiQL would look like this:
In addition, we found it useful to add a new third party service function, called getChainlinkPriceFeedPair, accessible from the ParsiQL code.
We are also adding a new service to the underlying system to support forming Use Case Streams, where developers can implement custom logic for detecting, defining, and filling such Events.
Use Case Stream Capabilities
- Trading – Get notified with price feed data each time Chainlink’s ‘ETH/USD’ & ‘BTC/USD’ price oracles submit a new completed round. For example, a user can wait for the best latest price to perform DeFi trading transactions with the best outcomes.
- Accounting – The user can attach the Chainlink price feed to the accounting record along with the time and quantity of a transfer amount.
- Calculation/Research – The new p function getChainlinkPriceFeedPair could be used as an alternative to usual off-chain rates for calculations.
More Actionable Data for Developers
Tracking prices can be tedious and time-consuming for most users. By integrating Chainlink’s oracles into the PARSIQ platform, users can now monitor and get notified in their personal off-chain applications when there are any pricing changes in specific token pairs they’re following. This allows all types of investors to automate their workflows based on market conditions and assess any risks in their future transactions.
Tom Tirman, PARSIQ Co-founder, said of the integration, “The PARSIQ monitoring and automation platform provides all the necessary information needed to fit a users’ specific needs. Users can receive notifications on communication platforms like Telegram or directly to API endpoints via Webhooks. Now, using this newest integration with Chainlink, individuals, startups, and enterprises that deal with blockchain transactions can reduce the complexity of retrieving high-quality pricing information, minimize costs, and save time by building automated workflows based on Chainlink’s widely used price data.”
Chainlink is the most widely used and secure way to power universal 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.
PARSIQ is a blockchain monitoring and workflow automation platform that serves as a multi-level bridge between blockchains and off-chain applications. PARSIQ technology is a proprietary ParsiQL programming language that allows users to monitor and interpret an endless stream of data on the blockchain; thus, it’s possible to monitor traders and ordinary users’ wallets.
There are also complex system integrations for financial institutions and DeFi projects to improve security, conduct audits, comply with regulatory requirements, and expand workflows. Visit parsiq.net to learn more about building custom event triggers.