RAI Finance, the Polkadot-based cross-chain swap protocol, has announced its integration with Chainlink to use the latter’s data price feeds. This will allow RAI Finance users and developers to access secure and reliable price oracles in their upcoming AMM-based DEX (decentralized exchange). Chainlink is a decentralized ‘oracle’ service provider for smart contracts added to various blockchains. Since blockchain networks cannot access data outside their network, they need ‘oracles’ to execute smart contracts on their behalf by using data from outside the network. Chainlink connects smart contracts (on any blockchain) to data providers, cloud services, IoT devices, web APIs, enterprise systems, payment systems, etc.
For providing cross-chain swap functionality to its users, RAI Finance utilizes Polkadot-based parachains to increase liquidity and provide assets across various blockchain networks. Thus, it eliminates the current fragmentation within the DeFi ecosystem by integrating new assets available to various blockchains, leading to more cross-chain liquidity. To ensure greater cross-chain liquidity, RAI Finance requires access to off-chain data feeds that it cannot procure without an oracle service provider’s help. Partnering with Chainlink has resolved this issue. With the help of Chainlink Oracle price feeds, RAI Finance users will leverage accurate and reliable off-chain price feeds while creating conditional cross-chain swaps based on fluctuating market markets. Moreover, these Chainlink-powered decentralized price oracles will help RAI Finance create automated trading strategies based on fluctuating market movements such as asset valuations changes.
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As Chainlink Price Feeds are resistant to flash loan and Sybil attacks, anyone can monitor their performance through open visualizations. It helps resolve connectivity issues with smart contracts, thereby enabling users to build various blockchain-based smart contracts. Chainlink’s reliable oracle price feeds are sourced from numerous high-quality data aggregators, decentralized infrastructure, and secure nodes developed by professional blockchain DevOps that ensure high data quality and network security for data sourcing and delivery process.
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According to Keonho Lee, the CEO of RAI Finance, Chainlink has a robust potential to secure billions of dollars across DeFi, which will help developers quickly launch numerous new DeFi products on the RAI Finance ecosystem without compromising the security and reliability that the network provides to its users.
