Suterusu Layer-2 Privacy-Preserving Protocol Using The Chainlink ETH/USD Price Feed For Exchange Rates
We are excited to announce that Suterusu is using the Chainlink Network’s ETH-USD Price Feed to obtain decentralized exchange rates for payments made on the Layer-2 Suterusu platform. This ensures that users are referencing secure and fair market prices when making transfers between ETH and various USD-denominated stablecoins, as well as serving as a foundation for extending in the future to other crypto-assets in the Suter ecosystem.
Beginning with the Ethereum network, the Suterusu L2 payments solution provides support for blockchains wanting to make fast, private transactions via ZK-SNARK technology. The Suterusu implementation allows users to convert ETH and any ERC20 token to a synthetic version of the Suterusu protocol (e.g., ETH to SETH), and then run the Suterusu transfer functionality to exchange the synthetic tokens while hiding the transfer account identity and amount. Suter shields provide such privacy through an original zero-knowledge proof scheme with a transparent setup, almost constant-size proofs, and superb computational efficiency. This provides confidential transactions and data privacy to users transacting with Suter. Recently, Suterusu project launched a new product Suter Shield based on Suterusu protocol. It allows the users to access the private payment functionality provided by the Suterusu protocol via decentralized wallets such as Metamask.
The L2 Suterusu chain uses a Proof-of-Stake model where users earn rewards for staking Suter tokens on-chain through the Suter Wallet, enabling an L2 privacy and payments solution that can sit on top of any EVM-enabled blockchain. More information on how Suterusu’s solution compares with other approaches is available here.
We selected Chainlink’s market-leading oracle network for Suterusu because it’s the most secure, reliable, and accurate price oracle solution in the DeFi industry, already proven to secure billions of dollars in value for leading dApps like Synthetix and Aave. Chainlink Price Feeds achieve these guarantees through the use of high-quality data with strong market coverage, secure nodes and decentralized infrastructure to ensure reliable services without a single point of failure, and transparent visualizations for anyone to use to monitor the performance of its oracle networks. It’s these features that have allowed Chainlink to be inherently resistant to data manipulation vulnerabilities (like flash loans) and maintain high uptime during network outages/congestion.
The Chainlink ETH-USD Price Feed
Dr. Huang Lin, CTO and Co-founder of Suterusu, said “Suterusu’s mission is to enable private transfers for DeFi applications using any decentralized digital asset. By leveraging Chainlink, we are showing our commitment to providing users with access to secure, fair market price references when making critical payment decisions, all while maintaining user privacy.”
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.
Suterusu brings unprecedented privacy-protection to any platform supporting smart contracts. It integrates a state of the art trustless ZK-SNARK scheme with nearly constant size proofs and efficient proof generation/verification. Suterusu provides privacy protection for several major blockchains and dapps, such as BTC and ETH, as well as DeFi products like Standard Tokenization Protocol and SWFT. Other public blockchains such as Neo and Theta have also worked with Suterusu to build layer-2 protocols that support privacy protection on their networks.