Stella Unleashes the Power of Chainlink Integration: Unbreakable Price Feeds Supercharge Leveraged DeFi Strategies
- Stella has successfully incorporated Chainlink Price Feeds on the Arbitrum mainnet.
- Chainlink (LINK) has experienced an increase of 2.98% within the last 24 hours.
On Thursday, the Chainlink team shared an announcement on Twitter stating that Stella, a leveraged strategies protocol offering zero borrowing costs, has successfully incorporated Chainlink Price Feeds on the Arbitrum mainnet.
Through integrating the top-tier decentralized oracle network, Stella now gains access to reliable and immutable price feeds, essential for supporting lending and leveraged strategies. By integrating Chainlink Price Feeds, this partnership ensures that users can have greater confidence in the integrity of DeFi strategies, as they rely on market data that resists tampering.
.@stellaxyz_ has integrated #Chainlink Price Feeds on @arbitrum to help power its leveraged DeFi strategies.
Here’s why Price Feeds are a must-have for DeFi yield strategies👇https://t.co/FlPZnvDTVN
— Chainlink (@chainlink) June 22, 2023
It is worth noting Stella has commenced its integration by incorporating several Chainlink Price Feeds, including ETH/USD, ARB/USD, USDT/USD, USDC/USD, and BTC/USD. According to a blog published by Stellar, Chainlink was chosen because of its simple integration approach and reputable track record in live production settings. Notably, Chainlink has already been essential in protecting well-known DeFi protocols, which control the value of billions of dollars worth of smart contracts.
Despite unforeseen events such as exchange disruptions, abrupt market downturns, and malicious attempts to manipulate data through flash loans, the collaboration guarantees resilient security measures and uninterrupted availability. Additionally, Stella aims to transform the functioning of leveraged DeFi by emphasizing the importance of a robust leverage system that encourages increased participation in Decentralized Exchanges (DEXs) and money markets, which form the foundation of DeFi.
Through its groundbreaking zero-cost borrow system and Pay-As-You-Earn model, Stella establishes a harmonious alignment of incentives between borrowers and l through its groundbreaking zero-cost borrow system and Pay-As-You-Earn model lenders. This introduces a distinct dynamic where one party’s gains do not come at the expense of the other.
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Key Features of Chainlink Price Feeds for DeFi Security
In order to ensure the security of DeFi strategies, Stella needed up-to-date on-chain asset prices that accurately reflect volume-weighted averages across all trading platforms. To achieve this, Stella looked to an Oracle network to retrieve aggregated off-chain price data and provide it on-chain. After careful consideration, Stella opted for Chainlink Price Feeds due to their comprehensive range of essential features, including:
- High-Quality Information – Chainlink Price Feeds obtain data from multiple reputable data aggregators, resulting in price data aggregated from various exchanges. Chainlink’s meticulous data aggregation methodology weights this data according to trading volume and applies thorough filtering to eliminate outliers and instances of wash trading. This process generates precise global market prices, effectively mitigating the risk of inaccuracies or manipulation originating from a single exchange or a limited number of exchanges.
- Secure Node Administrators – Chainlink Price Feeds are safeguarded by autonomous oracle nodes operated by prominent blockchain DevOps teams, data providers, and established enterprises. These nodes have undergone thorough security reviews and are resistant to Sybil attacks. Additionally, Chainlink’s network of nodes has demonstrated remarkable reliability, even in challenging conditions such as high gas prices and infrastructure disruptions.
- Decentralized Network – The decentralization of Chainlink Price Feeds is evident at various levels, encompassing the data source, oracle node, and oracle network. Moreover, this decentralized architecture protects against potential downtime and tampering from the data provider and the Oracle network.
- Reputation management – Chainlink offers a resilient framework for evaluating reputation and a comprehensive suite of on-chain monitoring tools that enable users to autonomously verify node operators’ and Oracle networks’ past and current performance.
Currently, Chainlink (LINK) has experienced an increase of 2.98% within the last 24 hours, with its current trading price standing at $6.06
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