Tax Heaven Integrated Numerous Chainlink Price Feeds on Mainnet
Tax Heaven has integrated Chainlink’s market-leading decentralized oracle network live on mainnet to secure prices for numerous crypto assets used on its platform. Tax Heaven’s smart contracts use Chainlink Price Feeds to obtain secure and reliable price data to ensure users receive a fair TAX token distribution from their deposited collateral.
Tax Heaven is a lending protocol that allows users to deposit crypto as collateral and borrow nearly 100%* of the collateral amount as a loan with a 0.0% interest rate. Users have two collateral options: they can deposit ETH or any ERC20 token on Tax Heaven’s Ethereum contracts, or deposit BNB or any BEP20 token on Tax Heaven’s Binance Smart Chain contracts.
*A 0.5% loan origination fee to use the protocol is charged when the collateral is deposited to Tax Heaven.
Tax Heaven also has a native token TAX which is used for profit-sharing and governance. The TAX token is distributed proportionally to whitelisted token depositors based on a predetermined deflationary emission schedule. In order to calculate the value of the deposited tokens and distribute the TAX token in a fair and objective way, Tax Heaven needs a reliable blockchain oracle.
After considering multiple options, we decided to use Chainlink as it’s the most secure and proven oracle provider in the blockchain industry. Not only does it secure over $5B in USD value for DeFi protocols, but it also is proven to be resilient to flash loan vulnerabilities, centralized infrastructure outages like with the recent Infura incident, and network congestion, where it routinely posts price updates even during spiking gas costs.
Chainlink Price Feeds feature many key properties that ensure users receive the highest levels of data quality and oracle mechanism security, including:
- Premium Data: All price data is sourced from numerous professional data aggregators, leading to price feeds that accurately reflect a volume-adjusted aggregate across all trading platforms instead of a single exchange.
- Decentralization: Chainlink is decentralized at the oracle and data source level, ensuring high availability and high tamper-resistant oracle services.
- Secure Oracles: All Price Feeds are secured by a decentralized network of independent, security reviewed oracle node operators run by experienced blockchain and DevOps teams, mitigating Sybil attack concerns.
- Easy to Integrate: Chainlink has thorough developer documentation, a world-class team of oracle experts, and plug-n-play oracle infrastructure, allowing us to provide users enterprise-grade oracle security in a quick and easy manner.
Because of the multitude of guarantees it offers, we will be using the Chainlink Price Feeds to provide valuations to all of the whitelisted tokens on Tax Heaven.
Tax Heaven on Ethereum
- BTC/USD (WBTC)
Tax Heaven on Binance Smart Chain
*Tokens that are priced in ETH will be converted into USD using the ETH/USD rate.
About Tax Heaven
Tax Heaven is a decentralized lending platform on Ethereum and Binance Smart Chain, that allows users to lend and borrow the same token.
Tax Heaven is compatible with ETH, BNB and all ERC20 and BEP20 tokens.
Upon launch, users that deposit the 13 whitelisted tokens that can be priced using Chainlink price feeds, will receive TAX tokens.
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.