Trava Finance Integrates Chainlink Price Feeds to Help Secure Cross-Chain Lending
We are excited to announce that the Trava Lending Protocol has successfully integrated the industry-standard Chainlink Price Feeds. We have secured our own cryptocurrency price feeds since we established our lending pool in September. By integrating Chainlink’s decentralized oracle solution, we now have access to high-quality, tamper-proof price data needed to help determine the prices of assets and trigger liquidations in our lending pools.
Trava Finance, a decentralized marketplace for cross-chain lending, offers a flexible mechanism with which users can create and manage their own lending pools to start a lending business. To help ensure prices reflect global market conditions, and to trigger liquidations for loans, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. To maintain protocol solvency, Trava Finance leverages Chainlink Price Feeds to help ensure that undercollateralized positions are liquidated. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
This integration will provide our users with stronger assurances that the pricing of assets, our risk parameters, and our interest rate strategy are supported by a solid foundation of time-tested infrastructure provided by Chainlink. Chainlink Price Feeds provides 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 from outliers and suspicious volumes. Chainlink’s data aggregation model generates more 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 — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that 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 integration of Chainlink Price Feeds into Trava Lending Pool enables us to provide the best quality of service to our users through secure, reliable price data,” said Dr. Minh Nguyen, CEO & Co-founder of Trava.Finance. “We expect this integration to be long term, as Chainlink will provide price feeds for other assets as well as other Trava products and services. ”
Trava Finance is the world’s first decentralized marketplace for cross-chain lending. While existing approaches provide only one or a few lending pools with their own parameters such as borrow/supply interest rate, liquidation threshold, Loan-to-Value ratio, or a limited list of exchangeable cryptocurrencies, TRAVA offers a flexible mechanism in which users can create and manage their own lending pools to start a lending business. Trava is deployed on the Binance Smart Chain and allows for lending with BSC tokens first; we then enable cross-chain lending with various tokens on Ethereum and other blockchain networks.
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.