Hundred Finance Expands Chainlink Price Feed Integration to Support Ongoing Multi-chain Expansion
Hundred Finance is pleased to announce that after successfully integrating Chainlink Price Feeds as a part of our Arbitrum and Fantom Opera launches, we have chosen to commit to using Chainlink oracle services in our ongoing multi-chain expansion. It is thanks to Chainlink’s industry-leading decentralized oracle network that we have full confidence in our platform’s ability to reflect fair-market prices for supported assets. Access to reliable and secure price feeds provides the solid foundation our platform will need as we continue our mission to make it the premier borrowing and lending platform for the growing, multi-chain DeFi ecosystem.
We have selected Chainlink because it is the most time-tested decentralized oracle network in the blockchain industry, already helping secure tens of billions of dollars in value for leading DeFi protocols across Ethereum, Arbitrum, Fantom Opera, Binance Smart Chain, Polygon, Avalanche, and more. Chainlink Price Feeds have proven highly accurate and resilient for an extended period of time, even during unexpected events like exchange downtime, flash crashes, and flash loan attacks.
Combining Hundred Finance Services with Chainlink Price Feeds
Hundred Finance is a decentralized application (dApp) that enables the lending and borrowing of cryptocurrencies. In creating a premium service for our users, Chainlink Price Feeds play a crucial role in helping carry out critical on-chain functions such as determining the value of a loan and ensuring it remains sufficiently collateralized. This task is an essential component of maintaining platform health and stability, as users depend on the accuracy of this data at all times in order to protect their assets from unjust liquidation and reduce slippage during loan issuance.
We elected to go with Chainlink as the source of our price feeds because its infrastructure is second to none, with an impeccable track record among DeFi protocols active today. Chainlink Price Feeds are also incredibly easy to integrate, and are thus the optimal choice considering our ambition to deliver borrowing and lending services to the maximum possible number of EVM-compatible blockchains and scaling solutions.
“Oracles are a critical component of a decentralized lending protocol, so we’re incredibly pleased to have established this ongoing integration with Chainlink — by far the most secure and reliable oracle provider available today,” said vfat, Hundred Finance’s Founder and Lead Developer.
After reviewing other potential oracles, Chainlink Price Feeds provide the only solution able to satisfy the stringent requirements for the Hundred Finance platform, including:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, ensuring broad market coverage through price data aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are inherently resistant to inaccuracies or manipulation by any single or small set of exchanges.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages. Each node sources price data from multiple premium off-chain data aggregators, helping ensure that the data source itself reflects a volume-adjusted average that’s aggregated from both CEXs and DEXs.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or the oracle network.
- Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
As the industry standard oracle network for powering hybrid smart contracts, Chainlink grants the high-quality data sources and secure off-chain computations Hundred Finance needs to expand its offerings and deliver superior borrowing and lending capabilities on any EVM-compatible blockchain.
About Hundred Finance
Hundred Finance is a decentralized application (dApp) that enables the lending and borrowing of cryptocurrencies. As a multi-chain protocol, it integrates Chainlink Price Feeds to help ensure market health and stability while specializing in serving long-tail assets.
For further information on Hundred Finance, check out:
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About Chainlink
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.
