_desc: deep price feed integration with chainlink.
0x_Nodes will integrate Chainlink oracles into our ETH:mainnet aggregation engine to price assets used in our cross-chain yield aggregation network.
Chainlink Price Feeds will set accurate exchange rates for synthetic asset swaps and help in the on-chain calculation of cross-chain yield. The initial Chainlink Price Feeds to be referenced by 0x_Nodes will be YFI/USD, COMP/USD, and AAVE/USD — with more to come in the future.
Chainlink was selected as the go-to oracle solution because it is the most time-tested and widely used decentralized oracle network in the industry, securing tens of billions of dollars for leading blockchains and DeFi projects. Chainlink Price Feeds are already running live across many blockchains and have proven highly reliable during periods of extreme network congestion and market volatility.
0x_Nodes is a cross-chain, modularized network where users can create collateralized synthetic assets and swap them between blockchain environments to unlock broader yield aggregation strategies. The 0x_Nodes’ yield aggregation engine will assemble yield from single endpoint protocols while simultaneously running kernel yield-bearing strategies so users have a single capital deployment service for decentralized finance (DeFi). Utilizing the kernel’s automation and supporting submodules, the end user’s burden of maintaining positions across multiple protocols will be simplified.
0x_Nodes anticipates Chainlink to be the exclusive provider of data feeds inside the ETH:mainnet kernel, supplying tamper-proof, fair-value valuations to our yield-generating synthetic assets. Since the kernel module will be evolving and recompiled, additional data feeds are more than likely to be introduced. Thus, this integration is anticipated to be a core aspect of the kernel and will provide utility for the duration of the runtime.
Due to the nature of the unidirectional yield aggregation strategy being developed through our EVM mesh network, it is conceivable that the ETH:mainnet deployment will be the most effective deployment until the redistribution engine is online.
Throughout the network deployments, the liquidity aggregated from ETH:mainnet will be redistributed throughout the EVM network. Chainlink Price Feeds will be used exclusively to recalculate the amount of liquidity needed to be distributed via the 0x_Nodes:network function.
Some of the notable features of Chainlink Price Feeds that will benefit 0x_Nodes users include:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record for reliability, even during high gas prices and extreme network congestion.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
- Economy of Scale — Chainlink Price Feeds benefit from an economy of scale effect, where increasing adoption allows multiple projects to collectively use and fund shared oracle networks to fetch commonly required datasets. This allows DeFi projects to get premium data quality and robust oracle security for a fraction of the total cost.
“Chainlink will enable us to build a more reliable cross-chain yield aggregation solution, particularly around redistributing liquidity based on the most up-to-date market conditions for the underlying assets,” stated “Owl”, Founder of 0x_nodes. “This will open up secure cross-chain yield strategies for users, further expanding the utility of DeFi assets.”
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
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