Synthetify is Integrating Chainlink Price Feeds
November 10, 2021
Synthetify is excited to announce that we are actively integrating Chainlink Price Feeds to help secure the minting, swapping, redeeming, and liquidating functions of our synthetic asset protocol on Solana. Chainlink Price Feeds are pre-built and time-tested decentralized oracle networks that provide accurate, tamper-proof price data across a wide variety of assets. By integrating the industry-leading Chainlink Price Feeds, users can be more confident that Synthetify assets will consistently track the global market values of the underlying assets they represent.
We selected Chainlink Price Feeds because they contain a perfect blend of premium data quality with wide market coverage, robust oracle infrastructure that’s been battle hardened in production, and high-frequency updates thanks to its native deployment on Solana. Chainlink Price Feeds already help secure tens of billions of dollars in value from many of the highest TVL DeFi applications in the industry. Importantly, Chainlink Price Feeds had demonstrated extreme resilience and accuracy even during unexpected events such as centralized infrastructure outages, flash crash outliers, network congestion, and data manipulation attacks via flash loans.
Synthetify is a user-friendly synthetic asset protocol on the Solana blockchain that empowers users to use Synthetify’s native token (SNY), USDC, SOL, renBTC, whETH, and whFTT as collateral options for minting blockchain-based assets that mirror real world assets; i.e., xBTC will track the price of Bitcoin. Users can then trade between synthetic assets or burn them to receive back their original collateral. As such, it’s important for Synthetify to have a robust and decentralized price oracle solution, protecting the solvency of stakers and preventing faulty liquidations.
Some of the particular optimizations around Chainlink that make it ideal for helping secure Synthetify’s DeFi protocol include:
High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates more accurate global market prices that are resistant to problems from a single or small set of exchanges.
High Update Frequency — Chainlink Price Feeds on Solana can perform sub-second price updates at minimal costs and without dependencies on other blockchains, resulting in precise price data that consistently reflects current market conditions.
Decentralized Infrastructure — Chainlink Price Feeds utilize decentralized networks of professional node operators run by leading blockchain DevOps teams and traditional enterprises with a strong track record of uptime during market volatility.
Transparent Monitoring — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of price feeds.
“As the most trusted oracle provider in the blockchain industry, Chainlink Price Feeds greatly enhance the security and reliability of Synthetify’s oracle mechanism, enabling us to securely scale to include more assets and TVL. As a result, users will get stronger assurances that synthetic assets will be minted at fair market values and liquidations will more accurately reflect real-time global markets.” — Synthetify team
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.
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