BENQI integrates Chainlink price flows into the main avalanche network to decentralize the price oracle

Liquidity Market Protocol BENQI announced the integration of Chainlink Price Feeds into the main network. With this high-quality access to pricing data, BENQI became one of the first protocols on the Avalanche blockchain to use the decentralized Chainlink oracle network, further decentralizing a substantial part of the protocol, the price oracle. BENQI's algorithmic liquidity markets will greatly benefit from the integration of Chainlink Price Feeds. In order to secure the funds according to the protocol, it is essential to obtain available pricing data. Since BENQI's solution includes loan rates and liquidation threshold control, it is essential to have new tamper-proof data streams for all assets. Chainlink's introduction of pricing feeds makes this possible through its standard and proven decentralized oracle network. Mainnet integration of Chainlink price feeds will be available in a few weeks. Users will benefit from refunds supported by Chainlink: AVAX / USD, LINK / USD, ETH / USD, wBTC / USD, USDT / USD and DAI / USD. As the BENQI ecosystem grows, other pricing streams will be launched in the future. Pricing feeds are an important part of this protocol's infrastructure, and the integration of more data sources leads to more decentralization. Having more resources provides added security and peace of mind to protocol users by helping prevent vulnerability from data manipulation and other attacks. "Price oracles are one of the most overlooked but extremely important elements of decentralized protocols," said Hannu Kuusi, co-founder of BENQI. After some internal research and discussion, we decided to look into Industry Oracle Network, which secures billions of dollars in decentralized financial applications alone. Since Chainlink secures our price feeds, we have added confidence in the security and health of our protocol. “The vision of building an open and regulatory decentralized network for financial applications is an important part of the business world.

Join the Discussion

  • BrokerEUR/USD
    IG 0.6pips (fixed) margin: 3.33%
  • Back to top