Rai Finance to Integrate Chainlink Oracles to Price Swaps on Its Cross-Chain DEX
In January 2021, RAI Finance, a cross-chain swap protocol built on Polkadot, announced it would integrate Chainlink Price Feeds to provide users and developers with access to secure and reliable price oracles when conducting asset swaps in their upcoming AMM-based decentralized exchange. These Chainlink-powered decentralized price oracles can be used to create automated trading strategies on-top of RAI Finance based on market movements like changes in asset valuations.
RAI Finance is a protocol that provides cross-chain swap functionality based on the Polkadot blockchain. RAI Finance utilizes parachains on Polkadot to increase liquidity and provide assets across various major blockchains. It eliminates the current fragmentation within the DeFi ecosystem by complementing new assets available to various blockchains, leading to a higher amount of cross-chain liquidity.
Chainlink oracles will provide RAI Finance with access to accurate off-chain data feeds, starting with aggregated cryptocurrency prices. RAI Finance selected Chainlink Price Feeds as its preferred oracle solution due to the multitude of guarantees they provide around network security and data quality. These features include the use of high-quality data sourced from numerous premium data aggregators, secure nodes run by professional blockchain DevOps, and decentralized infrastructure to ensure no single point of failure in the data sourcing and data delivery process.
The result is highly available, accurate, and tamperproof price oracles for users to leverage when creating conditional cross-chain swaps based on fluctuating market markets. Importantly, Chainlink Price Feeds are inherently resistant to flash loan and Sybil attacks, and anyone can independently monitor their performance via open visualizations.
“By introducing Chainlink Price Feed Oracles, we aim to provide RAI Finance users and developers with the most accurate market data and provably secure oracle infrastructure to ensure swaps and automated trading strategies are triggered according to with current market prices. The Chainlink Network’s proven ability to secure billions of dollars in value across DeFi and its successful launch of numerous oracle networks will serve as an ideal framework for developers to quickly launch new DeFi products on RAI Finance yet still retain the strong security and reliability guarantees they require,” said Keonho Lee, CEO of RAI Finance.
About RAI Finance
RAI Finance is a protocol designed to provide DeFi with a wider range of assets, a higher amount of liquidity, and a diverse set of financial use cases. When this feature set is combined with the Polkadot ecosystem’s cross-chain compatibility, it eliminates fragmentation across the existing DeFi ecosystem by bringing a complement of new assets and a higher amount of liquidity to decentralized finance.
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 and real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink introduces 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.