Deviant Finance announced that it has integrated Chainlink Price Feeds on the Avalanche mainnet. This will enable Deviant Finance to offer a stronger assurance to its users about its reserve currency model referencing highly secured and reliable price data.
The integration eliminates the long-time dependence of DeFi on USD. Deviant Finance plans to expand to other blockchains through Chainlink Price Feeds technology.
Background
Chainlink provides a smart contract solution. It sets a standard in the industry to measure the building, accessing, and selling oracle services. These are related to powering the hybrid smart contract on any blockchain.
The smart contracts provided by Chainlink are in a way to reliably connect to any external API. Users can then leverage secured off-chain computations. Chainlink carries the experience of securing billions of dollars across different industries like DeFi and insurance.
It offers a universal gateway to every blockchain to the majority of global enterprises.
Deviant Finance functions to build a store of value for systems that are decentralized. The team at Deviant Finance has developed its own system called Deviant Reserve Currency System, also known as DRCS.
DRCS is a value-bound reserve that seeks a free-floating price that is backed by various assets. Deviant Finance aims to grow and maintain wealth for the future generation by embracing partnership, transparency, and equal access.
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Chainlink is an industry-leading oracle network that is decentralized in nature. After the integration, Chainlink Price Feeds will help Deviant Finance run in accordance with the actual prevailing market prices.
The first two Chainlink Price Feeds that have integrated with Deviant Finance at the moment are OHMv2/USD and OHM Index.
Deviant Finance chose Chainlink for its proven experience in the industry. Chainlink has so far secured leading DeFi protocols that are responsible for pumping billions of dollars in the smart contract value.
Chainlink has also had the experience of maintaining robust security and high volatility during unexpected events. This includes flash crashes, exchange downtime, and manipulation of data through flash loans.
The infrastructure of Chainlink has proven to be smooth when it comes to integrating it with the platform.
Other features of Chainlink that made it a go-to choice for Deviant Finance are high-quality data, secure node operations, decentralized network, and reputation system.
Chainlink generates a precise global price through its data aggregation model. Price feeds of Chainlink are fully secured by oracle nodes that are independent, reviewed for security, and Sybil-resistant.
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The integration of Deviant Finance and Chainlink Price Feeds eliminates the dependency of DeFi on USD. Deviant Finance plans to leverage DRCS to create an entirely new asset class for reserves that are value-bound. The system will intervene if there are major fluctuations in the price.
Dennis Ehman, Co-Founder of Deviant Finance, stated that using Chainlink Price Feeds will enable their users to leverage the security in DRCS that has been battle-tested.
