Lendefi Integrates Chainlink Price Feeds for Secure DeFi Leveraged Trading on BSC
Lendefi Protocol is excited to announce the integration of Chainlink Price Feeds on Binance Smart Chain mainnet to help secure its decentralized leveraged trading protocol that offer users undercollateralized loans.
The initial integration will utilize the following Chainlink Price Feeds:
We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink Price Feeds provide the wide market coverage needed for the Lendefi protocol to facilitate decentralized leveraged trading. 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. In short, Chainlink Price Feeds enable the Lendefi protocol to receive high-quality price reference data at all times, helping the protocol become more resilient and secure.
The Lendefi Protocol (“Protocol”) is a decentralized protocol facilitating leveraged trading through secured lending, delivering confidence within the highly volatile cryptocurrency marketplace. Traders can select from a variety of supported assets for leveraged trading, and borrow funds from the Protocol. The Protocol removes the middleman from the lending equation and eliminates the red tape involved with lending. This removes counterparty risk between the trader and lender, creating a trustless transaction.
The lenders receive a variable interest rate secured by the liquidity within the DeFi ecosystem. For instance, if the trader is not able to maintain their loan, the Protocol will ensure the lender is repaid and the trader is credited with the remaining assets.
In order to help ensure that our leveraged trading protocol is less prone to data manipulation attacks, 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.
After reviewing various oracle solutions, we selected Chainlink Price Feeds because they provide access to the highest quality data with broad market coverage, robust oracle infrastructure proven to be reliable during extreme network conditions, and various on-chain monitoring systems that allow users to verify the integrity and performance of oracle networks. The end result is highly accurate, up-to-date, tamper-proof, and transparent price reference data that are made accessible on-chain for our smart contracts to consume in a single function call. With this robust decentralized oracle network in place, Lendefi is now more robust and resistant to data manipulation attacks.
“Chainlink is the industry leading decentralized oracle network with a proven track record of providing secure and reliable infrastructure to the greater blockchain ecosystem. Lendefi has integrated Chainlink Price Feeds to further secure trading, lending, and borrowing in the protocol, and to help ensure that reliable, high-quality price feeds are used at all times. Moreover we have been researching the technology and use cases of Chainlink Keepers with a focus on how the Lendefi Protocol can benefit from this technology in the future”
- Scott Schulz, Lendefi CEO
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 Lendefi Protocol
The Lendefi protocol will deliver leveraged trading and secured lending to cryptocurrency markets. Utilizing an undercollateralized loan model, Lendefi facilitates a trustless relationship between lender and borrower, managed by the protocol to remove counterparty risk. For further information please join our global Telegram group, visit our website, join our Twitter feed or inspect our GitBook documentation.
Lendefi Protocol:: https://bsc.lendefi.finance/
Protocol information https://lendefi.gitbook.io/