SwapAll Integrates Chainlink Price Feeds to Help Secure User-Friendly DeFi Platform
SwapAll is more than thrilled to announce the integration of Chainlink Price Feeds as the default oracle solution on the platform. By integrating the industry-leading decentralized oracle network on Ethereum and Binance Smart Chain, SwapAll has access to high-quality, tamper-proof price feeds needed to provide users with accurate market rates for BTC and ETH.
We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
SwapAll is a one-stop DeFi platform that allows users access to various smart investment tools and cross-chain functionality with zero gas fees from one user-friendly interface. In order to enable secure and accurate exchange rates within our marketplace, we need access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of a blockchain oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we selected Chainlink Price Feeds because they provide access to the highest quality data with broad market coverage, robust oracle infrastructure proven to be reliable during extreme network conditions, and various on-chain monitoring systems that allow users to verify the integrity and performance of oracle networks. The end result is highly accurate, up-to-date, tamper-proof, and transparent price reference data that are made accessible on-chain for our smart contracts to consume in a single function call.
Through this integration, SwapAll will also provide users with more reliable tools to control blockchain investment risks. Users can lock in prices through simple and easy-to-use derivative contracts instead of being at the mercy of fluctuating gas prices.
“Safe and reliable price reference data is critical infrastructure when it comes to an investment platform such as SwapAll,” said Jian Qin, Founder, and CEO of SwapAll. “Our team is excited to integrate Chainlink’s industry-leading oracles as they provide us with the high-quality data we need to bring the best investment options to SwapAll users. We look forward to furthering Chainlink integrations in the future involving cutting-edge smart contract use cases.”
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.
SwapAll is an all-in-one investment tool for all blockchain users. SwapAll is designed to be a user-friendly DeFi transaction platform with zero gas fees. It is currently the first integrated exchange application with integrated multiple cross-chain functions with various mining pools, smart investment pools, token swap, full cross-chain decentralized wallet deposits and withdrawals, mobile APP & Layer 2 dual-entrances, speed and low-cost transactions, community voting… SwapAll is gradually growing to a one-stop DeFi platform.