The field of decentralized finance (DeFi) has been on the rise for quite some time. Now one of the main players in the field of decentralized finance, the Force Protocol has announced integration with the Chainlink – the partnership intended to tap into reliable data sources of token prices.
.@Force_Protocol is integrating Chainlink Price Reference Data to determine value, to trigger conditions for supplementary collateral and liquidations for their #DeFi application. https://t.co/wBM3QVBFhY
— Chainlink (@chainlink) May 28, 2020
Field of DeFi
It is very much apparent that in the field of decentralized finance, having accurate information without any kind of manipulation is one of the most prominent requirements of the stakeholders. Force Protocol evaluated a number of industry players and finally selected to go with the Chainlink. This also means that the Force Protocol has become a part of the Chainlink Oracle ecosystem and will be utilizing its services to conduct the necessary financial analysis in the field of decentralized finance. The reliability and dependability of the oracle network are beyond comparison, and this is the reason why Force Protocol has decided to go ahead and strike a partnership with Chainlink.
Synergy Areas
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Just so you know, the Force protocol is a team involved in the research and development of a decentralized Finance application released by the Ethereum. One of the prerequisites of decentralized finance is to constantly draw on the prices of the tokens in order to calculate the value of the assets. Before selecting the Chainlink, the Force Protocol had evaluated a number of other oracle systems available in the market but found limitations in terms of their low level of security, high level of centralization, and availability of the insufficient data. However, Chainlink outperformed all the existing networks and has been able to offer a reliable and dependable source for the prices of the token.
Conclusion
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The partnership is expected to bode well, and if both organizations are able to achieve their intended objective successfully, then this will create a win-win situation for The Force Protocol and Chainlink. The field of decentralized finance is expected to benefit from this coming together by attracting more investors and financial analysts to its fold.
