RioDeFi to Integrate Chainlink Oracles for Access to Reliable Price Feeds
RioDeFi is thrilled to announce our planned integration of Chainlink’s market-leading decentralized oracle network to access market data used within our ecosystem of financial services. Our initial focus will focus on implementing Chainlink’s widely used Price Feeds to supply RioDeFi’s developers with secure and reliable price oracles, which will be integrated into a forthcoming lending protocol. In addition to Price Feeds, we are actively exploring various other oracle solutions to further advance the types of applications possible on RioDeFi.
Trustless Data for Cross-Chain Communication
The past 12 months have seen the emergence of interoperable blockchain protocols. During the quest to solve blockchain scalability issues, the need for cross-chain communication and the ability to process transactions in parallel across different networks is becoming more and more apparent.
RioDeFi is a blockchain technology company whose mission is to bridge the gap between traditional and decentralized financial systems. RioDeFi’s core technology is RioChain, a Parity Substrate-based blockchain that utilizes Polkadot technology for its cross-chain compatibility. Both RioChain and Polkadot’s architecture revolve around this same idea of enabling digital infrastructures to interoperate between ecosystems, making them highly complimentary.
One of the first embodiments of this philosophy will be the introduction of RioChain’s Generic Asset Bridge, which will allow users to transfer digital assets across various blockchains into RioDeFi, which can then be used as collateral or for payments within various DeFi applications. This initial bridge will be for ETH and BTC, but we plan to expand it to support other digital assets in the future.
This gives rise to a new problem though: the ability to access aggregated data feeds for digital assets. Since price data is generated across a variety of on-chain and off-chain sources, it necessitates the need for a blockchain oracle to source, aggregate, and feed this data on-chain to RioDeFi applications. Chainlink will serve as RioDeFi’s primary oracles solution to obtain secure and reliable data feeds on a broad range of digital assets.
Ensuring RioDeFi Developers are Protected Against Flash Loans
Chainlink is the obvious oracle solution for RioDeFi, as we share a similar goal of connecting blockchains with the real world. The Chainlink Network’s market-leading Price Feeds currently secure over $4 Billion in USD value on mainnet for both emerging and established DeFi projects showcasing their ability to secure real economic value.
It’s popularity is driven by the strong guarantees it provides to users around data quality, oracle node quality, decentralized oracle security, and easily integratable solutions already in production. All Chainlink Price Feed networks are secured by a decentralized network of Sybil-resistant node operators run by leading blockchain DevOps. These nodes source price data from numerous premium data aggregators, with all node’s responses then further aggregated to create a single price update that contracts can reference to price assets when issuing loans, checking collateralization, trading synthetic assets, and more. By providing decentralization at high-quality nodes and premiums data source, oracle data is highly available, accurate, and tamperproof.
Most notably, Chainlink Price Feeds are resistant to flash loan attacks, which has been a major vulnerability for DeFi protocols that use poorly designed price oracles. Chainlink’s use of high quality data aggregators and decentralization, provides users with strong market coverage wherein the price feeds reflect a volume-adjusted average across all trading environments instead of a single or small group of exchanges.
A Broad Range of Applications Possible
RioChain’s impressive technology stack, which has been audited by cybersecurity firm Certik, supports a broad ecosystem of financial applications and services. One such application is MANTRA DAO, the highly regarded community governed protocol that provides access to cross-chain, multi-asset DeFi services.
Integrating Chainlink as the go-to oracle solution will allow applications such as MANTRA DAO to benefit from secure and transparent price data feeds for various digital assets across its entire line of financial products. Additionally, we can use Chainlink’s Proof of Reserve oracles networks to ensure that cross-chain assets are always fully collateralized by native assets locked on their main chain, preventing fractional reserve practices from occurring.
Our Chainlink integration will extend to non-financial blockchain solutions as well. For instance, gaming applications that wish to build on RioChain will benefit from the Chainlink Verifiable Randomness Function, which provides developers with a secure, provably-fair source of on-chain randomness that not even external entities or the game’s developers can tamper with. Chainlink oracles can access any off-chain API, opening up limitless possibilities around the types of data developers can get on RioDeFi.
For James Anderson, CEO at RioDeFi, “The ability to provide data from the outside world into smart contracts in a trustless manner is becoming a bedrock for the blockchain industry and DeFi. We are delighted to integrate Chainlink to provide our developers with secure and reliable price data with strong market coverage, ultimately enabling the creation of a whole suite of financial applications that can be trusted to trigger the movement of large amounts of on-chain value.”
As Daniel Kochis, Head of Chainlink Business Development, was quick to point out: “Chainlink allows developers to accelerate their timeline for launching secure and reliable financial products on RioDeFi. By using time-tested oracle networks already in production, RioDeFi’s ecosystem can focus on building next-generation DeFi dApps without having to spend time and resources, as well as take on the additional risk of provisioning their own oracle infrastructure or using unproven alternatives.”
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.
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.
To learn more about the latest developments regarding RioChain, visit: Riodefi.com