API3 Ecosystem: Beacon Deployment

Silta will be Using Beacons to Provide Price Reference Data to Loan Pools

API3 is excited to reveal that Silta will be using the Amberdata Beacon and Airnode oracle nodes to provide price reference data for ESG focused loan pools.

Silta provides credit scoring and on-chain collateral for physical infrastructure developers in project finance. This allows them to access liquidity from third-party DeFi protocols for building sustainable infrastructure. In doing so Silta introduces a new class of financial products to the DeFi industry.

In order to facilitate this process and underwrite on-chain collateral, Silta Finance requires a price reference feed of their own token to underpin the loan pools across various DeFi protocols. When the Beacons protocol is deployed to Avalanche, Silta will utilize the Amberdata Beacon to continuously serve this price reference data on-chain in a transparent & secure manner.

API3’s Airnode has been selected as the preferred Oracle solution to serve this price reference data on-chain, with the first-party architecture of API3’s technology proving to be the simplest route for Silta to implement this. This is an example of a use case where the lightweight & scaleable attributes of Airnode provide a pragmatic Oracle solution for dapp builders on Avalanche.

What is next for Silta & API3

The Silta and API3 relationship will also explore other mutually beneficial areas of collaboration. For instance, a Silta collateral token could leverage the request/response protocol to request the price of the Silta token upon specific events. Silta will also explore using credit score oracles for assessment and performance data of project companies.

API3 looks forward to supporting the data needs of dapps building on Avalanche in the coming months, and expects Beacons to be available on Avalanche shortly after the initial release (on Polygon, ETH, BNB Chain and Arbitrum) in Q2.

API3

“Silta’s approach to giving the off-chain world exposure to on-chain collateral is strongly synergistic with API3’s drive to improve the links between the two. We are excited to be able to provide their protocol with price data for their token on Avalanche, as well as support their future oracle needs”
Dave Connor

Silta

“With API3, we can get an oracle for the Silta token which will enable us to source the price data from multiple sources instead of relying on a single exchange. We’re excited to work with the API3 team on this integration that will reduce the risk of the price oracle being manipulated to create forced liquidation events.”
Michael Malka, co-founder of Silta

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About API3

API3 is the leading first-party oracle solution that makes real-world data accessible by smart contracts. With Airnode, API data can be queried from blockchains without having to use specialist node-operating middlemen. This architecture both eliminates the Sybil-vulnerable third-party node layer and reduces fees by cutting out the “middleman tax” paid to these node operators for their services. API3 is the perfect fit for any blockchain-based data service seeking to sell directly to consumers (since it leaves out node-operating middlemen).

About Silta Finance

Silta is the DeFi bridge to a sustainable future. Silta underwrites loans by providing on-chain collateral to enable real-world infrastructure developers to access DeFi. The Silta Score, which reflects the creditworthiness of an infrastructure borrower, is encapsulated in a dynamic, periodically updating NFT. Silta aims to help balance crypto traders’ portfolios with new products largely immune to crypto winters.

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