Oddz Integrates Chainlink Price Feeds to Help Secure Options Trading on Avalanche
Oddz Finance is pleased to announce the integration of Chainlink Price Feeds on Avalanche mainnet. By integrating the industry-leading decentralized oracle network, Oddz Finance now has access to robust and decentralized price data that is used to help secure the project’s decentralized options trading protocol — which enables users to trade options contracts.
The initial integration is for the following Chainlink Price Feeds:
We picked Chainlink as our primary Oracle solution since its infrastructure is easy to integrate and has been proven in production. Chainlink Price Feeds offer the broad market coverage needed to enable a comprehensive set of options trading products.
Chainlink already assists in the security of leading DeFi protocols, which are responsible for tens of billions of dollars in smart contract value, while maintaining robust security and high availability even in the face of unexpected events such as exchange downtime, flash crashes,and data manipulation attacks via flash loans. In a nutshell, Chainlink Price Feeds enable Oddz to get high-quality price reference data at all times, making the protocol more robust and secure.
Oddz is an on-chain options trading platform that expedites the execution of call and put options contracts, conditional trades, and futures. Through the protocol, users can create, maintain, execute, and settle trustless option contracts, conditional tokens agreements, and futures contracts in a fast, secure, and flexible manner.
To protect the protocol against potential data manipulation threats, we needed access to fresh asset prices that are given directly on-chain in a very trustworthy and decentralized way. This is why we chose Chainlink Price Feeds, as they provide 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 liquidity depth, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates precise 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 with 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 the oracle network.
- Transparency — Robust, publicly available reputation frameworks and on-chain monitoring tools allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
The end result is extremely accurate, up-to-date, tamper-proof, and transparent pricing reference data that is made available on-chain for consumption by our smart contracts in a single function call. Oddz is now more resilient and immune to data manipulation assaults, thanks to the help of Chainlink Price Feeds.
“Chainlink is the industry standard decentralized oracle network, with a track record of delivering reliable and secure infrastructure to the blockchain ecosystem. Because Oddz integrated Chainlink Price Feeds, users now have a smoother options trading experience on the Avalanche network.” — Shreedhar Shreenivasa, CTO at Oddz
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.
Oddz is a trustless on-chain options trading platform that expedites the execution of call and put options contracts, conditional trades, and futures. It allows the creation, maintenance, execution, and settlement of trustless option contracts, conditional tokens agreements, and futures contracts in a fast, secure, and flexible manner.
It employs the synergies of Ethereum, Avalanche, Binance Smart Chain, Polkadot, and Polygon to unleash the potential of a decentralized options market. It focuses on building solutions that can propel the DeFi ecosystem by simplifying options trading and enhancing the user experience.