Bonded Finance will integrate Chainlink Price Feeds decentralized oracle technology into their Primary Lending Facility. Chainlink will provide accurate, tamper-resistant, top-grade price feeds so that users can access altcoin collateral rates and the stablecoin liquidation rates for loans. Chainlink will offer price data for every single altcoin that will be provided on Bonded Finance’s Primary Lending Facility.
Bonded Finance has stated that they decided to go with Chainlink because their oracle solution already has been in operation successfully been utilized by many other decentralized finance ecosystems. Chainlink is already playing an essential role in managing billions of dollars worth of smart contracts. Chainlink help to maintain the stability of these intelligent contracts even in flash crashes, downtime on exchanges, and flash loans with data tampering.
Bonded Finance will require fair and reliable market prices for their Primary Lending Facility. So they want to use Chainlink Price Feeds to get a volume-weighted average of costs from all trading ecosystems. Chainlink oracle will collect real-time off-chain price information and deliver it on-chain for the Bonded Finance lending system.
Chainlink price feeds are considered very high quality in the decentralized ecosystem. It gets its data from some of the top data aggregators giving it access to prices from hundreds of exchanges worldwide. Chainlink oracle can generate globally acceptable market rates that are resistant to all significant manipulation strategies.
Chainlink Price Feeds are also highly secure because they use independent Sybil-resisting oracle nodes that can sustain their reliability even in the face of infrastructural outages. Chainlink Price Feeds are decentralized right from their data source, and their on-chain monitoring technologies have been able to create a reputation of reliability above all oracle solution providers.
CEO of Bonded Finance, Paul Mak, has stated that they have chosen Chainlink Price Feeds because the company is already treated as the market standard for interest rates and loan-value ratio calculations in the world of cryptos and they want to offer their clients the most dependable oracle solution in the cryptocurrency economy.
