Reef Will Integrate Chainlink Price Feeds to Power Its Cross-Chain DeFi Platform
We are happy to announce that Reef will leverage existing and/or launch new Chainlink Price Reference Data oracle networks to power our cross-chain smart asset management platform. The planned Chainlink integration will enable our DeFi platform to use high-quality price feeds denominated in both ETH and DOT in order to set exchange rates for atomic swaps, trigger automated portfolio management, determine lending and borrowing rates, provide valuations for automated market maker (AMM) liquidity pools, and more.
Reef is a cross-chain DeFi operating system built on Polkadot that provides users with universal access to liquidity existing on both centralized and decentralized exchanges. Reef taps into marketwide liquidity by bridging to these platforms using its interoperability technology and creating a synthetic asset order book representing the liquidity from these different environments. Users then have access to built-in protocols for automated asset management, particularly Reef’s smart liquidity aggregator and yield engine, which enables trading with access to liquidity from both CEXes and DEXes while offering smart lending, borrowing, staking, and mining through an AI-driven personalized Reef Yield Engine.
Running our next generation cross-chain DeFi protocol requires accurate and timely price feeds that constantly reflect the aggregated market price. For example, price feeds are needed to to aggregate information from all exchanges to help users come up with the best trading strategy through their AI-driven yield engine. Not only do many transactions on Reef need price data, but we need these price feeds to be sourced and delivered in a decentralized manner to retain the security and reliability of our underlying DeFi platform.
After researching different oracles in the market, we selected Chainlink’s Price Reference Data feeds as our go-to oracle solution. Not only is Chainlink’s Price Reference Data the most widely used oracles in DeFi, but they have proven their ability to secure over $3 Billion in USD value for many top DeFi applications like Synthetix and Aave. By integrating Chainlink’s Price Reference Data, our users will receive strong guarantees around:
- Data Quality — Sources price data from numerous premium off-chain data aggregators, accounting for volume across all trading environments
- Secure Nodes — Uses independent, Sybil resistant node operators (oracles) run by leading blockchain DevOps and security teams, protecting users from insecure or low-quality services
- Network Design — Employs decentralization of node operators and data sources, ensuring data arrives on-time and is resistant to manipulation
- Process transparency — Offers on-chain visualizations for each oracle network, allowing any user to independently monitor the performance of the oracle network as a whole and each individual node operator
It’s because of these features and many more that we have decided to make Chainlink our go-to oracle solution, helping maintain strong network performance, security, and reliability of Reef. Through Chainlink’s readily available oracles and easily integratable framework, we can both accelerate our current launch date by offloading our oracle needs to proven experts, and scale to support additional assets as demand rises.
“The closer fair market prices are to on-chain prices, the further we can push the adoption of DeFi. Chainlink’s ability to brings high-quality data on-chain in a secure manner enables us to create a cross-chain protocol for DeFi that taps into all liquidity sources — a market first,” said CEO of Reef Finance Denko Mancheski.
“Thanks to Chainlink, users will be able to confidently deposit funds into Reef and let our smart asset management tools go to work for them without having to worry about data manipulation and faulty service concerns.”
Reef is the first cross-chain DeFi operating system built on Polkadot. With a seamless user interface, Reef offers its users a smart liquidity aggregator and yield engine that enables access to liquidity from both CEXes and DEXes while offering smart lending, borrowing, staking, mining through AI-driven personalized baskets.
For more information about Reef, or to join our team, please contact us at: email@example.com
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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 a general-purpose framework for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. Use Chainlink to connect to data providers, web APIs, enterprise systems, cloud providers, IoT devices, payment systems, other blockchains, and much more.