We’re excited to announce that #dev DeFi — a decentralized aggregate lending & borrowing protocol — has integrated Chainlink Price Feeds on the Binance Smart Chain mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, #dev DeFi has access to high-quality, tamper-proof price feeds needed to secure the protocol from data manipulation attacks. This will provide our users with strong assurances that their assets are in protection.
Our initial integration involves the use of the following Chainlink Price Feeds: BNB/USDT, CAKE/USDT, BUSD/USDT. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. 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.
#dev DeFi aims to help users borrow BNB, BUSD and CAKE at low borrowing rates and receive interest for their collateral.
#dev DeFi is fully decentralized and open-source on the Binance Smart Chain. A decentralized governance will take place soon in which DEV tokens will have the key role in governance. Users who join #dev DeFi before DEV token is released will receive their fair shares of DEV token due to the retrospective token distribution during the genesis token release.
#dev DeFi Integrates Chainlink Price Feeds to Access Tamper-Proof Price Data and Strengthen the Protocol Security
In order to secure the protection of the protocol, 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, so we need to make use of an oracle 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, ensuring broad market coverage through 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 accurate 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.
We want to thank the Chainlink team for its prompt technical support thus far. As we expand the number of supported assets by #dev DeFi, we will continue to trust Chainlink for the additional price feeds.
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
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About #dev DeFi
#dev DeFi aims to help users borrow BNB, BUSD and CAKE at low borrowing rates and receive interest for their collateral. To understand and start using #dev DeFi, do your research on our Wiki page.