FINX Integrates Chainlink Price Feeds To Help Display Accurate Prices on FINSwap
We’re excited to announce that FINSWAP — a DeFi platform that enables users to stake and swap their digital assets — has integrated Chainlink Price Feeds on BNB Chain mainnet. By integrating the industry-leading decentralized oracle network, FINSWAP now has access to high-quality, tamper-proof price feeds needed to help display accurate prices for users. This will provide our users with stronger assurances that FINSWAP always provides the most up-to-date asset prices on our live feeds page.
Our initial integration involves the use of the following Chainlink Price Feeds: BTC/USD and ETH/USD. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
FINSWAP is a DeFi platform that provides users with the ability to farm, stake, and participate in liquidity mining initiatives — facilitated by our native FINX token. Built on BNB Chain, FINSWAP provides low transaction fees and uses a Proof of Stake Authority (PoSA) consensus model that enables high-speed swaps.
In order to help power accurate price conversions, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:
- 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 of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- 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 of reliability, even during high gas prices and infrastructure outages.
- 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.
- Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
On top of that, FINSWAP also plans to integrate other Chainlink services such as Chainlink Automation to help reliably execute platform withdrawals and staking reward distributions in the future.
“A crucial component to distinguishing ourselves as one of the top DeFi platforms is using tamper-proof market data to help users make informed decisions on FINSwap. Chainlink is without a doubt the best choice, as they are known as the standard for oracle services in the blockchain industry.” — Henry Chai, CEO of FINX.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
About FINX GLOBAL
FINX is the future of finance. We aim to promote digital asset payments into the financial system and accelerate the paradigm shift to seamless digital payments that are accepted globally.
As a result, FINX streamlines the intensive process of converting digital assets to fiat currencies by providing a global platform that enables anyone from anywhere across the world to seamlessly transact and participate in the world of digital assets conveniently and faster than before. This ultimate vision is to help the world to better understand cryptocurrencies and digital assets and fuel mass adoption.
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