CyberFi & Chainlink Partner to Extract Reliable Price Feeds
Leading non-custodial automation staking portal focused on transforming the DeFi cluster, CyberFi has announced its strategic partnership with Chainlink, the popular oracle channel offering services to top-rated industry firms. The Chainlink Network price feeds on CyberFi mainnet will improve the LP Management Automation channel’s security standards. The CyberFi team took to its Twitter handle to circulate the news in the DeFi space by stating:
⚡️CyberFi x Chainlink⚡️
We are excited to say that our solution for LP Management is now powered by Chainlink.
Now we have a powerful Oracle to Automate and Conquer $Link
Beta Launch public later today. $CFi https://t.co/Cw0rm6lDfM
— Samurai Starter – crypto accelerator and launchpad (@cyberfi_tech) January 26, 2021
According to the report, Chainlink price feeds will help users implement high-end Liquidity Pool (LP) strategies that can eliminate the risks of Impermanent Loss (IL) and volatility existing in the DeFi market space. The firm kickstarted Beta testing on January 26, 2021, for users. The customers holding $CFi tokens will be allowed to use Limit Orders, Cross Limit Orders, Automated LP Management services revolving around the market prices of assets along with easy automatic swap functions.
The accurate asset prices offered by the oracle network will benefit the investors immensely. CyberFi works as a high-tech automation portal that allows users to create smart orders for themselves. These orders facilitate easy entry and exit from LP positions depending upon the asset price fluctuations. The customers can remove their assets from an LP position and sell for ETH or a stablecoin token.
Talking about the collaboration with Chainlink, Igor Sokolov, the CTO of CyberFi, stated that Chainlink price feeds will enhance the security, reliability, and quality of CyberFi. The tools will ensure that LPs make good decisions relying on reliable asset prices while reducing market vulnerabilities. Their joint efforts will enhance the DeFi cluster.
The Chainlink ETH/USD price feed will offer a reliable reference for on-chain actions by DeFi users. It will also support CyberFi’s native off-chain channel that extracts data feeds into UI for various tokens exchanged on Uniswap. The customers can now enjoy secure, speedy, and trustworthy price feeds for an efficient LP management channel. The team resorted to Chainlink because of the unprecedented services offered by the decentralized oracle tools, including data reliability, secured oracle nodes, transparent ecosystem, etc.
The CyberFi team is leveraging DeFi 2.0 and an automated infrastructural layer to revolutionize the field. The firm is working on other automation features that will require multiple oracle products. The portal is striving hard to streamline DeFi trading through an economical and risk-free interface.