Augmented Finance Integrates ChainLink for Improved Protection
Following other crypto projects, Augmented Finance has entered a partnership with ChainLink to improve the performance of its platform across blockchains. It is not easy to sustain a successful platform amidst the growing competition in the DeFi sector. So, firms are increasingly looking for partnerships and integrations to get affordable solutions for the issues that spring up during the operation. Augmented Finance’s partnership with ChainLink Oracle would be a great addition to its lending pools.
Oracle solutions make it easier for DeFi platforms to get price feeds. These solutions bring the price feeds in tamper-proof data packets that ensure security on the platform.
ChainLink is easily the most popular oracle solution out there which recently decided the integration with Augmented Finance. Thanks to the new addition, the lending platform can use accurate, high-quality, tamper-proof price feeds to process loans throughout the world. ChainLink’s dedicated system ensures the fairness and accuracy of the price feeds it gets from data sources.
Augmented Finance substantiated its decision to go with ChainLink by citing the benefits of the project that make it stand out. ChainLink is already responsible for processing millions of dollars worth of smart contracts in the DeFi sector. Importantly, the protocol managed to provide seamless services to them every time. The Oracle provider uses multiple data collectors to accumulate the price feeds from premium sources and processes them accurately for use in the DeFi platforms. Moreover, the nodes on the chain are verified and more secure than any other alternatives.
ChainLink is also best known for its decentralisation that helps against any attempts to tamper or manipulate price feeds. Furthermore, it is very much compatible with the requirements of popular chains. So, the lending platform does not have to worry about interoperability between the pools on different chains while accessing the price feeds. The system also has transparent monitoring tools that assist users with verifying the nodes independently.
This will be a milestone in Augmented Finance’s journey towards providing financial independence to people. This will help the platform to bring multiple new assets to the platform. Augmented Finance announced that this solution will be integrated into its lending pools available on Binance Smart Chain and Avalanche to get reliable price feeds. This would help the lending platforms from any attacks on the data in the future.