Geist Finance, a decentralized non-custodial liquidity protocol, is excited to announce integration with Chainlink Price Feeds as our go-to oracle solution on the Fantom mainnet. The integration of Chainlink’s industry-leading oracle network will help project us to determine users borrowing rates. As well as calculate their collateralization ratios on the Geist platform.
Chainlink helped to secure more than $75B in value across DeFi. Now project is providing Geist’s decentralized money markets with precise, reliable, and low-latency price updates at the native speed and cost of Fantom. Chainlink Price Feeds not only strengthen the accuracy and robustness of Geist’s lending protocol, but they also have a proven track record of delivering reliable price updates on-chain in the face of unexpected externalities. For example, data manipulation attacks such as flash loans, flash crash outliers and exchange downtime.
Geist Finance is by far the largest lending and borrowing market on Fantom. Depositors provide liquidity to the market to earn a passive income. In their turn, borrowers are able to borrow in an overcollateralized or undercollateralized fashion. The vision behind the Geist protocol is very clear and user friendly. To have no governance and VCs but instead feature a revenue earning token, sharing platform fees between token holders and liquidity providers. The protocol will always be permissionless for everyone to use on the same basis.
We needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner, in order to help secure our protocol. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, project integrated Chainlink Price Feeds. The only project which provides a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of 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.
- 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 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.
“It’s critical for the Geist platform to have a reliable oracle solution to help ensure that our users receive fair-market loans and lenders remain solvent during periods of high market volatility,” said the Geist Finance team. “Importantly, Chainlink provides battle-tested decentralized infrastructure resistant to single points of failure, furthering the security and reliability of lending/borrowing markets available to DeFi users throughout the Fantom ecosystem.”
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.
About Geist Finance
Geist Finance is a decentralized, non-custodial liquidity market protocol operating on the Fantom Opera blockchain. The core Geist protocol is a lending market that functions near-identically to Aave. Users may borrow and lend different assets with variable interest rates.
If you wish to learn more about Geist, you can read the following article where we give a more detailed description of how the protocol operates. You can also join the discussion on some of the links below.
