blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
BET NOW
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
BET NOW
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

Silo Finance Integrates Chainlink Price Feeds for a Smooth & Seamless Operation of Lending Markets

Mushu Butt by Mushu Butt
November 14, 2022 - 5:42 pm
in blockchain news, altcoins news
0
Silo Chainlink
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Chainlink Price Feeds have been integrated by Silo Finance onto the Ethereum mainnet. Silo Finance now has access to advanced, tamper-proof price feeds that are necessary to assist in ensuring that proper financial activities are carried out as a result of integrating the industry-leading decentralized oracle network.

In particular, this integration serves to convince customers that Silo Finance lending markets will continue to operate effectively and without interruptions, even in the midst of volatile market conditions. The initial phase of Silo Finance’s integration utilizes 8 Chainlink Price Feeds, with an additional 38 to follow in the near future. Chainlink was selected as the primary Oracle solution due to the ease with which its infrastructure could be integrated and the fact that it had been tried and tested in production.

Chainlink is already helping to protect leading DeFi protocols, which are responsible for tens of billions of dollars in smart contract value. Chainlink is capable of maintaining reliable security and high availability even in the midst of unforeseen circumstances, such as exchange downtime, flash crashes, and data manipulation threats via flash loans.

Creating Lending Markets For All Digital Assets

Silo Finance is a decentralized, non-custodial lending protocol that enables risk-isolated lending markets. It was launched in August 2022 on Ethereum. The conventional approach of lending from a shared pool is turned on its head by Silo Finance, which creates one lending pool for each token asset and connects all of the pools using protocol-wide Bridge Assets.

As a consequence of this, any token asset can be used as collateral to borrow another, which paves the way for the creation of borrow/lend markets for all assets in which the risk is isolated to a single market at a time. Silo Finance is a risk-isolating lending protocol that aims to build lending markets for all digital assets without compromising on the level of security offered.

In order to accomplish this, each market, also known as a “silo,” consists of only three assets: a base asset, such as CRV, and two bridge assets, consisting of ETH and the native stablecoin of the protocol, XAI. Depositors in one market have the ability to borrow from depositors in another market using bridge assets, but they are still only exposed to the risk of one token asset.

Due to this innovative method, Silo Finance is now positioned to become the hub for all kinds of tokens, including blue chips, yield-bearing tokens, and synths. In order to assist in the protection of their risk-isolated loan markets, they required access to recently updated asset prices that are provided immediately on-chain in a manner that is very dependable.

Prices of assets on the fair market need to reflect a volume-weighted average of prices fetched in all trading contexts. As a result, Silo Finance was required to make use of an oracle network in order to retrieve aggregated price data from off-chain sources and then transport it on-chain so that our application could use it.

Aiham Jaabari, founding contributor of Silo Finance, said: “Integrating Chainlink Price Feeds was integral to realizing our vision of secure lending markets that support all token assets. As Silo Finance’s primary digital asset price provider, we look forward to expanding our use of Chainlink Price Feeds as our protocol supports more markets and chains.”

Chainlink Price Feeds’ Wide Range Of Features

After looking at a number of other Oracle solutions, Silo Finance decided to connect Chainlink Price Feeds because they offer a wide range of important capabilities. For instance, Chainlink Price Feeds obtain their data from a wide variety of premium data aggregators, which results in price data that is compiled from a large number of exchanges, weighted by volume, and free of outliers and wash trading.

The data aggregation technique utilized by Chainlink results in the generation of more accurate global market prices that are inherently resistant to the inaccuracies or manipulation of any one exchange or small collection of exchanges. In addition, Chainlink Price Feeds are protected by oracle nodes that are independent, have their security assessed, and are resistant to Sybil attacks.

These nodes are operated by renowned blockchain DevOps teams, data providers, and traditional businesses. Even in the face of fluctuating gas prices and failing infrastructure, the reliability of Chainlink nodes has been proven to be exceptionally high. Chainlink Price Feeds are also decentralized at the data source, oracle node, and oracle network levels.

Chainlink Price Prediction 2030

This creates robust defenses against outages and tampering on the part of either the data provider or the oracle network. In addition, Chainlink offers customers a dependable reputation structure in addition to a collection of on-chain monitoring tools. These features make it possible for users to independently check the past and current performance of node operators and oracle networks. 

Chainlink is an industry-standard Web3 services platform that has facilitated huge amounts of money in transaction volume across DeFi, insurance, gaming, NFTs, and other significant industries. Chainlink, the leading decentralized oracle network, allows developers to develop feature-rich Web3 applications with cohesive access to real-world data and off-chain computation across any blockchain. It also provides global enterprises with a universal gateway to all blockchains.

ShareTweet
Mushu Butt

Mushu Butt

Mushu Butt is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media.In addition to being a skilled content writer, Mushu is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushu enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for Blockchainreporter.

Recommended For You

Can Dogecoin Still Compete with the Growing AI Crypto Sector?

by Josh Fernandez
June 1, 2023 - 6:00 pm
0

Dive into the world of AI cryptocurrencies, spotlighting Avorak AI's innovation and its growing dominance against meme coin Dogecoin's performance.

Read more

TrustBit Joins Forces with REI Network to Unite Blockchain Advancement

by Umair Younas
June 1, 2023 - 1:59 pm
0
trustbit rei network

The initiative is focused on enhancing blockchain innovation. TrustBit is determined to offer a friendly and cost-effective blockchain agenda.

Read more

Tether USD₮ Shatters Previous Market Cap Record, Surpassing $83.2B

by Mushu Butt
June 1, 2023 - 1:20 pm
0
Tether USDT

Tether USD₮ surpasses its previous all-time high market cap of $83.2 billion, reinforcing its position as the leading stablecoin in the crypto market.

Read more

Sweat Economy Introduces “Minting Pause,” A Revolutionary Tokenomics Approach

by Mushu Butt
June 1, 2023 - 11:32 am
0
sweat economy

Sweat Economy is gearing up to introduce an innovative feature called "Minting Pause," aiming to actively incentivize engagement from its users.

Read more

Shiba Inu or Tradecurve Who Will Reach 1$ First Google Bard Gives His Predictions

by Josh Fernandez
June 1, 2023 - 11:27 am
0

Explore the potential of Shiba Inu (SHIB) and Tradecurve (TCRV) cryptocurrencies in this insightful article.

Read more
Next Post
Bitcoin para real

4 Signs That You Can Invest in Bitcoin

PARTNERS LIST

  • sp

PRESS RELEASE

photoy

HedgeUp (HDUP) Showcases Why It’s a Better Token Than Chainlink (LINK) and Solana (SOL)

by Max Clark
June 1, 2023 - 1:38 pm
0

Explore the dynamic world of cryptocurrencies with our detailed analysis of HedgeUp (HDUP), Chainlink (LINK), and Solana (SOL).

kine protocol

Kine Protocol Achieves Major Milestone with MSB Cryptocurrency Trading License

by Max Clark
June 1, 2023 - 10:12 am
0

Kine Protocol, a leading decentralized exchange, earns a milestone MSB Cryptocurrency Trading License, marking its entry into the US market.

imageedithAICLCD

Bumper’s Breakthrough DeFi Protocol Set to Reshape Options Pricing

by Chainwire
May 31, 2023 - 2:06 pm
0

London, United Kingdom, May 31st, 2023, ChainwireMarking a seismic shift in the digital asset landscape, DeFi platform Bumper today unveiled...

photoy

Ripple (XRP) Price Prediction – Ripple (XRP) Struggles to Hold Leading Position with HedgeUp (HDUP) and Solana (SOL) Covering Crypto Ground

by Max Clark
May 31, 2023 - 12:51 pm
0

Explore the high-stakes world of cryptocurrencies as Ripple (XRP) fights to maintain its leading position against rising contenders, HedgeUp (HDUP)...

n

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise