Lendefi published a blog post to announce that it has integrated Chainlink Price Feeds to its Binance Smart Chain mainnet. The integration will assist Lendefi protocol in securing its decentralized leveraged trading protocol.
The integration will assist in the security of its decentralized leveraged trading technology, which provides users with undercollateralized loans. At its initial stage, the integration will cover only a few Chainline Price Feeds, including ADA/BUSD, BNB/BTC, DOT/USDT, ETH/BUSD, and LINK/BNB, among many others.
Background
Lendefi Protocol uses an under-collateralized model to deliver leveraged trading and secured lending to crypto markets. The under-collateralized model facilitates a trustless relationship between lender and borrower. Lendefi Protocol also deploys the under-collateralized model to eliminate counterparty risk.
Chainlink has set a new standard in the industry through its oracle services. Still unmatched, Chainlink rides high on the success that it gets by powering the hybrid smart contract on a blockchain, courtesy the building, selling, and making its oracle services accessible to a wider market.
The network of Chainlink has its feet firmly established on the ground. It secures billions of dollars from across the major industries like gaming, DeFi, and insurance, to mention a few. Chainlink has mastered the art of offering a universal gateway to all blockchain to the majority of global enterprises and leading data providers.
Lendefi x Chainlink Price Feeds
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It was the global reputation – along with many other factors – of Chainlink that Lendefi Protocol considered before concluding that it would integrate Chainlink Price Feeds on its BSC mainnet.
The integration of the two will help Lendefi Protocol to receive high-quality price reference data, something that is expected to make Lendefi Protocol more secure and resilient.
Lendefi has an image of delivering confidence in the crypto marketplace that is known for its high volatility. It allows traders to engage in a healthy borrowing process by removing the middleman, hence eliminating the red tape that is often involved with the lending process.
Traders can participate in the borrowing process by simply selecting one asset from the wide list of assets that it supports. Once selected, traders can proceed with leveraged trading and borrowing funds from Lendefi Protocol.
In return, those who lend are assured a variable interest rate that is secured by the liquidity that already exists in the DeFi ecosystem. In case the trader is unable to maintain his or her loan, then Lendefi Protocol takes the responsibility of repaying the lender while crediting the remaining assets to the trader.
Many solutions were reviewed by the team behind Lendefi Protocol. Chainlink Price Feeds was chosen as it provided high-quality data from the broader market. Chainlink’s oracle infrastructure has stood through tough times in the market, proving that it is extremely robust and resilient.
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The integration with Chainlink Price Feeds will ensure that the data is less prone to manipulation attacks.
Scott Schulz, the Chief Executive Officer of Lendefi, echoed in a similar tone. He emphasized that the integration will help Ledefi to ensure that only reliable and high-quality price feeds are being utilized every time.
