dForce Brings Chainlink Oracle to Arbitrium for Price Feeds
Chainlink Oracle support from dForce will be extended to the Arbitrium blockchain, according to a blog post shared by dForce on Medium. The move is part of the project’s plan for multi-chain expansion of the protocol to EVM-compatible networks. dForce operations on Arbitrium will now access tamper-proof data from the industry-leading Oracle solution.
dForce is defined as an over-collateralized stablecoin that expects to build a comprehensive set of DeFi protocols in We3. These tools or protocols will create a fundamental financial infrastructure to take care of operations like trading, lending, etc. With a total TVL of $495 million, the platform currently spread its wings to several blockchains, including Ethereum, Optimism, BSC station, and Arbitrium.
The project offers a dual model minting that offers “pool-based multi-collateral and vault-based single-collateral” for the multi-currency stablecoins. The PDLP and POO protocols are developed to help the dForce keep its liquidity stable. Moreover, they also offer a multi-sided lending protocol with a dynamic interest model and accept various collaterals.
The project has taken several measures, including bug bounties, to smooth out the user experience. And what is more, smart contract audits from dForce are conducted by renowned firms like Trail of Bits, ConsenSys Diligence, Certik, and Certora.
To that very end, the project continues a robust multi-chain expansion toward EVM compatible blockchains. Reportedly, the Ethereum Virtual Machine could give a much-needed edge to the project compared to others. For instance, Arbitrium is a layer-2 solution for Ethereum that can help developers bring smart contracts with higher scalability and lower cost.
dForce recently announced the integration of Chainlink Oracle on Arbitrium. The oracle solution has become the primary oracle for the lending protocol and algorithm-based stablecoin on Arbitrium and the other EVM blockchains under its belt. Chainlink was first integrated by dForce on March 21, and it can work at the native speeds of the blockchains.
Chainlink Oracle is currently the leading oracle solution in DeFi. The oracle project is also exploring other areas, including NFTs and gaming, through its Verifiable Random Function and Chainlink Keepers. The smart contracts from this oracle network are leading the market when connecting external APIs or off-chain computations.
The CTO of dForce opened up about the integration in the blog post. He stated that Chainlink would help the dForce dApps on Arbitrium to get accurate and tamper-proof price feeds. He added that Chainlink would take the security concerns off their shoulders as the project continues with the multi-chain expansion.
2022 has been a fruitful year for Chainlink as several DeFi, GameFi, and NFT projects have already been onboarded. The list comprises BineMon, MemeFlate, The God Panel, Ragnörak, EMDX, Project: Pigeon, etc.