Blockchain
Essential information for the crypto sector: Zeta has built-in Chainlink Value Feeds on Solana‘s mainnet.
Blockchain oracles are on the coronary heart of many decentralized finance protocols. They supply purposes like Zeta with safe and dependable monetary knowledge that can be utilized on-chain, enabling the creation of revolutionary and open monetary merchandise.
Chainlink Value Feeds on Solana’s mainnet: resilience and safety
The combination of Chainlink Value Feeds on the Solana mainnet will initially use the next Chainlink worth feeds: BTC/USD, ETH/USD, and SOL/USD. By leveraging Chainlink’s dependable, high-speed, decentralized worth feeds, Zeta can enhance the efficiency and resilience of its buying and selling alternate.
The addition of Chainlink as a dependable oracle supplier will assist make sure that perpetuals and different contracts on Zeta are resolved with even larger accuracy and reliability.
Zeta Markets is an undercollateralized derivatives platform with a completely on-chain threat engine and Central Restrict Order Ebook (CLOB). Solana is the one mature ecosystem that gives the engineering flexibility to host such an utility with out compromising decentralization.
Chainlink’s worth feeds are an important a part of the buying and selling infrastructure required for DeFi to flourish on Solana. This mixture of institutional-grade oracles, high-performance base tier, and several other units of validators makes Solana probably the greatest performing chains for institutional finance.
Luckily, Chainlink has demonstrated that it may possibly deal effectively with unexpected occasions. That is important for methods that handle commerce execution and threat administration, significantly those who present the extra safeguards supplied by Web3.
Tristan Frizza, founding father of Zeta Markets, mentioned the next about this:
“We’re excited to combine Chainlink Value Feeds into Solana to assist enhance the resiliency and safety of our protocol. We take platform safety very significantly, so it’s crucial for us to leverage Chainlink’s industry-leading Oracle answer to make sure our protocol is as strong as doable for adversarial market occasions.”
Chainlink knowledge feeds on Solana: the way it works
Chainlink knowledge feeds are the quickest technique to hyperlink good contracts to precise market costs of belongings. Particularly, to make use of this function, one should deploy a program within the Solana Devnet cluster and entry on-chain knowledge feeds utilizing Chainlink Solana Starter Package.
Chainlink Knowledge Feed on-chain knowledge is out there within the current venture utilizing Chainlink Solana Crate. The Solana Starter Package, then again, contains an on-chain program written in rust and an off-chain consumer written in JavaScript.
The consumer passes an account to this system, this system then appears to be like up the account’s final specified worth feed after which shops the outcome within the transferred account. Lastly, the off-chain consumer reads the worth saved within the account.
As well as, Solana’s knowledge feed addresses are completely different and every has particular traits. First, there are the verified ones: feeds that comply with a standardized knowledge feed workflow.
Then, there are monitored feeds, that are feeds being reviewed by the Chainlink Labs group to assist the soundness of the broader ecosystem. There are additionally customized feeds, i.e., feeds created to serve a selected use case and might not be appropriate for normal use.
And specialised feeds: purpose-built feeds that could be based mostly on contracts managed by exterior entities and require an intensive understanding of the composition methodology earlier than use.
Nereus Finance additionally integrates Chainlink pricing feeds
Nereus Finance, a number one lending protocol, has additionally built-in Chainlink Value Feeds on Avalanche and Polygon mainnet. By integrating the industry-leading decentralized Oracle community, Nereus Finance has entry to high-quality, tamper-proof worth feeds required to precisely calculate collateral values of digital belongings.
Chainlink, in line with Nereus, is the Oracle answer of alternative as a result of its infrastructure is seamlessly built-in and time-tested in manufacturing. Chainlink already helps shield key DeFi protocols answerable for tens of billions of {dollars} of good contract worth.
Particularly, sustaining strong safety and excessive availability even within the midst of sudden occasions, akin to alternate downtime, flash crashes, and knowledge manipulation assaults through flash loans.
Nereus Finance is a DeFi protocol that permits customers to lend or borrow funds utilizing their very own digital belongings as collateral. Along with loans and pooled loans, Nereus Finance additionally gives the NXUSD stablecoin market.
Customers can deposit collateral to borrow NXUSD, which they’ll deposit to entry extra returns or spend utilizing Wirexapp, which gives customers entry to greater than 90 million shops worldwide.
To guard its core lending and borrowing operations, Nereus required entry to new asset costs supplied immediately on-chain in a extremely dependable method. Honest market asset costs ought to replicate a volume-weighted common of all buying and selling environments.
Due to this fact, it was in want of utilizing an Oracle community to retrieve off-chain combination worth knowledge and ship it on-chain to be used by its utility.