PERI Finance Integrates Chainlink Price Feeds to Help Secure Asset Prices
We’re thrilled to announce that PERI Finance — a decentralized, cross-chain mirrored asset issuance and derivatives exchange — has integrated Chainlink Price Feeds on Moonriver mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, PERI Finance will have access to high-quality, tamper-proof price feeds needed to enhance the reliability of the Pynths (PERI mirrored asset) price index. This will provide our users with strong assurances that asset prices on the Pynths DEX are continuously updated and highly accurate.
Our initial integration involves the use Chainlink Price Feeds to support the following mirrored assets on the Pynths DEX: 1INCH, AAVE, ANKR, AVAX, AXS, BTC, CAKE, COMP, CRV, DAI, DOT, ETH, EUR, LINK, LUNA, MANA, MKR, SAND, SNX, SUSHI, UNI, USDC, XRP, and YFI.
Since we launched our dApp in 2021, Chainlink has been our go-to oracle solution because its infrastructure is verified in many renowned projects, including PERI staking dApp. Chainlink already secures leading DeFi protocols responsible for 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.
PERI Finance’s DEX provides traders a seamless environment to trade its Pynths assets, in which Pynths can be minted by staking PERI tokens on PERI’s staking dApp. The DEX also benefits PERI stakers by distributing DEX trading fees to them. PERI’s DEX dApp precisely traces its decentralized mirrored crypto assets using Chainlink Price Feeds.
Details of Integration
Since PERI’s dApp release last year, PERI has been providing its users with live price feeds of crypto assets. With the help of Chainlink Price Feeds, PERI has been minting pUSD and distributing staking rewards to its users without error.
Most of the traders on PERI DEX will be using pUSD, which can be minted by staking PERI on PERI’s staking dApp. Since pUSD is meant to be used for trading rather than holding, the DEX is expected to have a high volume of transactions every day and be resistant to possible price fluctuations from limitations of liquidity. Now, having integrated Chainlink Price Feeds, PERI is able to provide its DEX users with reliable price feeds on the Moonriver network.
Next Steps
Following the DEX launch will be an addition of a perpetual futures swap function for PERI DEX users later in the second half of this year. PERI DEX users will be able to enjoy leverage trading on top of mirrored asset trades, attracting many more DEX users in the DeFi space. Chainlink trust-minimized services will once again be essential to building PERI’s dApp.
“Chainlink Price Feeds are essential to enable highly accurate and reliable prices for the mirrored assets on our protocol.” — Richard Kim, Chief Executive Officer at PERI Finance
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 developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About PERI Finance
PERI Finance is a decentralized, cross-chain mirrored asset issuance and derivatives exchange on the Polkadot, Kusama, and Moonriver network. PERI Finance allows accessing a wide range of both traditional financial and crypto assets in the form of leverage and non-leverage mirrored products. PERI Finance empowers users with the lower GAS fee, speedy transactions, and ample security from front-running or flash loan.
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