The Transfero Group has implemented Chainlink’s market-leading decentralized oracle network on Polygon, Avalanche, Ethereum, and BNB. The Transfero team is sponsoring numerous Chainlink Price Feeds in order to assist in ensuring that the BRZ stablecoin is supported by unchangeable market data. This will allow developers to establish unique DeFi markets and businesses centered around the BRZ.
The initial integration provides support for a number of Chainlink Price Feeds, including BRL/USD, BRZ/USD, BRZ/BTC, and BRZ/ETH. Transfero came to the conclusion that integrating Chainlink was the best course of action because it is widely recognized as the most successful decentralized oracle network in the blockchain industry.
Chainlink Price Feeds currently protect tens of billions of dollars for hundreds of smart contract applications throughout the multi-chain ecosystem. With an established track record of accurately providing data despite severe market situations, Chainlink Price Feeds have earned considerable credibility.
Featuring Multiple Layers Of Data Aggregation
Chainlink Price Feeds have a number of layers of data aggregation, which is one of the most prominent qualities that stood out to Transfero when they were evaluating these feeds. These layers of data aggregation help to ensure that market data reflects internationally accurate fair-market values. Despite the fact that BRL provides complete backing for BRZ, the Transfero team needs high-quality market data in order to enable unique DeFi use cases for BRZ.
After analyzing a number of different pricing data solutions, Transfero came to the conclusion that Chainlink Price Feeds were the best option due to the fact that they include a variety of exceptional features. This contains high-quality data since Chainlink Price Feeds obtain their information from a large number of premium data aggregators.
This results in price data that are gathered from hundreds of platforms, adjusted by volume, and cleaned from outliers and questionable volume levels. The data aggregation mechanism used by Chainlink produces correct pricing for markets all across the world. These prices are also immune to outages on APIs or exchanges, flash crash outliers, and data manipulation assaults.
Thiago Cesar, CEO at Transfero Group said, “We are pleased to integrate Chainlink Price Feeds to enable more advanced use cases for the BRZ stablecoin. We look forward to exploring more ways to leverage Chainlink decentralized services, including using Chainlink Proof of Reserve to provide near real-time, automated audits of BRZ.”
Chainlink’s High Update Frequency & Robust Infrastructure
Chainlink also provides a high update frequency, which is made possible by the fact that Chainlink Price Feeds are able to execute frequent pricing updates with minimum expense, resulting in accurate price data that accurately reflects the conditions of the market at any given time.
There is also a reliable infrastructure since Chainlink Price Feeds leverage decentralized networks of professional node operators. They are run by leading blockchain DevOps teams and traditional businesses that have a proven track record of uptime, even during times of market turbulence.
Last but not least, Chainlink provides transparent monitoring since Chainlink gives customers the ability to independently evaluate the historical and real-time performance of price feeds by providing a solid reputation system and a set of on-chain monitoring tools. Chainlink is the industry standard for developing, accessing, and selling oracle services, which are required to run hybrid smart contracts on any blockchain.
Chainlink oracle networks make it possible for smart contracts to securely connect to any external API and utilize off-chain computations in order to enable feature-rich applications. Chainlink is presently protecting tens of billions of dollars across the DeFi industry, the insurance industry, the gaming industry, and other important businesses. Additionally, Chainlink provides a common gateway to all blockchains for global enterprises and top data suppliers.