Dolomite, a popular DeFi protocol for borrowing and lending, has announced an exclusive development. As per Dolomite, the platform is upgrading to the Chainlink standard to get confirmable market data for further ecosystem growth. The company revealed this development on its official social media account.
Dolomite Adopts Chainlink Standard for Confirmable Market Data
Dolomite mentioned that the Chainlink standard permits it to get tamper-proof and up-to-date price feeds. This upgrade eliminates downtime along with improving the market efficiency to a great extent. In addition to this, it also provides the consumers with a considerably high-quality experience. Apart from that, Dolomite has also integrated several GMX assets to persistently support the DeFi ecosystem of GMX. This includes a couple of advanced GLV liquidity vaults.
GLV vaults focus on solving GMX v2.2 version’s issue of ineffective liquidity allocation throughout GMX markets. Additionally, GMX V2 has unveiled GM Pools to establish a relatively reliable and secure way to offer liquidity to single GMX markets separately. On the other hand, GLV vaults dynamically rebalance as well as shift liquidity across the underlying GM Pools in line with trader demand. With this, liquidity providers are enabled to sustain a low-risk profile in addition to providing improved user experience and capital efficiency.
Chainlink Price Feeds Deliver Excellent Data, Protected Node Operators, and Transparency
Dolomite’s integration of Chainlink Price Feeds occurs after a thorough research on diverse oracle solutions. This integration reportedly offers high-quality data, decentralized network, protected node operators, and transparency. Chainlink Price Feeds obtain data from several finest data aggregators. The data aggregation apparatus of Chainlink creates worldwide market prices with a considerable resistance to flash crash outliers, data manipulation, and API downtime. Along with that, the security-reviewed and autonomous oracle nodes are operated by prominent blockchain DevOps groups and data providers.
According to Dolomite, Chainlink Price Feeds operate in a decentralized manner in the case of oracle nodes, data sourcing, and oracle networks. Simultaneously, the publicly available and resilient reputation frameworks as well as on-chain monitoring instruments ensure transparency. They let consumers autonomously confirm oracle networks and node operators’ historical performance. Overall, the Chainlink standard’s adoption will reportedly allow Dolomite to deliver a cutting-edge DeFi experience.
