Neftify Integrates Chainlink Price Feeds to Help Secure its Community Analytics
Publicación en español: Neftify integra las fuentes de precios de Chainlink para ayudar a proteger su análisis comunitario
We are excited to announce our mainnet integration with Chainlink, the most widely used decentralized oracle solution throughout DeFi. Neftify is using Chainlink Price Feeds to fetch and aggregate real-time price data, which our platform uses for reference to present accurate pricing and analytics to our community members. This is an important step towards community ownership and will provide our members with stronger assurances about Neftify’s platform stats.
Our initial integration involves the use of the Chainlink Price Feeds for ETH/USD and SLP/ETH. The integration was seamless and we chose Chainlink because it has a robust and time-tested infrastructure backed by high-quality data. 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 order to help secure our pool stats and platform analytics, 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.
About Chainlink
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.
Learn more about Chainlink by visiting chain.link or reading the documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Neftify
Neftify is on a mission to make participation in the metaverse economy accessible to all. We do this by organizing virtual communities around revenue-generating activities and creating open markets around them for anyone to partake in. For more information on Neftify, visit our website or join our community Discord. If you have any questions, shoot them over in the #lounge channel, and one of our community members will answer shortly.
