OPENDEFI INTEGRATES CHAINLINK
Chainlink is the most robust, widely used and secure oracle solution in production today. They already secure over $4 Billion worth of assets used within DeFi protocols thanks to unparalleled focus on data quality, oracle network security, transparency, and ease of use for development teams.
Chainlink Price Feeds are powered by decentralized oracle networks consisting of numerous independent, Sybil-resistant nodes that collectively source prices from multiple premium data aggregators as opposed to single exchanges. The nodes’ responses are then aggregated to form a highly reliable and manipulation-resistant on-chain price that our smart contracts reference to price assets when executing a no-slippage trade or checking a user’s collateralization ratio. Chainlink Price Feeds are highly transparent, with open visualizations that allow anyone to independently monitor the real-time performance of the oracle network and its individual nodes.
At OpenDeFi, there is no price slippage, which means we need highly accurate price feeds to determine fair exchange rates. In keeping with our decentralized roots, we do not use asset prices sourced from any single exchange or single oracle node. Instead, we use decentralized oracle networks to deliver aggregated price data sourced from across all exchanges, both centralized and decentralized, and weighted by key metrics like volume.
OpenDeFi gives investors access to tokenized gold and silver that is fully insured and held by a trusted custodian. These features allow us to offer trades with no price slippage, provide flash loans using tokenized gold and silver as collateral, and pay out yield on users’ staked tokens, which are operating as collateral in the protocol
We are using the Chainlink-powered gold and silver Price Feed oracles (XAU/USD & XAG/USD) live on mainnet to price tokenized precious metal assets on our platform. As a market-leading decentralized oracle solution, the Chainlink Network delivers secure and reliable price data to our smart contracts, ensuring that trading and maintaining collateralization of these tokenized assets remain in accordance with the fair market price of the real-world assets they represent.
Since OpenDeFi aims to build a bridge between these traditional financial institutions and the still somewhat nascent world of DeFi and its all about transparency and security, choosing Chainlink is a perfect achievement because Chainlink brings OpenDeFi more closer to maintaining its transparency and security.
- Visit chain.link to learn more