The ChainLink oracle had signed an integration deal with the copy trading firm FNDZ. The oracle network will be integrated with the FNDZ trading platform built on the BNB Chain mainnet for accurate price feeds. In addition to this, ChainLink provides a robust data infrastructure free of tampering and manipulation from third parties.
As the number of users in DeFi is increasing rapidly, there is an inherent need to secure data and disseminate them across applications. However, a DeFi application cannot build an entire data infrastructure given the resources and maintenance it requires. The oracle networks are the solution to this plight as they help secure and bring data from third-party sources without compromising the platform’s security.
ChainLink is probably the most sought-after oracle solution in the crypto ecosystem. The network offers projects to connect to External APIs through smart contracts for accessing off-chain data. Currently, ChainLink is being used in countless projects across the crypto ecosystem, including DeFi, GameFi, Insurance, NFTs, and other significant areas, and is responsible for securing billions of dollars.
Newly joining this long list of beneficiaries is FNDZ, a copy trading platform built on the BNB Chain. The platform uses algorithms to draft the portfolio management strategies from experienced traders and offers services similar to that of traditional brokers, bankers, and financiers. FNDZ’s tools have helped it create a beginner-friendly cost-effective trading environment for its users.
The copy trading platform’s decision to integrate ChainLink will offer secure data and help them access the most recent data with the highest quality possible. Moreover, the oracle network has already established a name for itself, and it will provide a more robust and more positive assurance to users.
FNDZ will initially receive price feed for 25 of the most popular tokens on the BNB Chain. The platform hopes for seamless integration of the price feed as ChainLink is already time-tested. Moreover, the oracle can maintain secure connectivity even during downtime or crashes on the exchange network, and it minimizes the security risks attached to the price data significantly.
FNDZ has highlighted several aspects of the ChainLink oracle after reviewing its competitors. The following are the features that make ChainLink stand out from other projects.
- ChainLink feeds source their data from premium aggregators and provides high-quality data sets inherently resistant to manipulations.
- The node operators from ChainLink are independent, reviewed, and Sybil-resistant with a strong track record.
- The decentralized network of ChainLink ensures security and safeguards against exchange downtime.
- ChainLink offers a reputation system that allows independent data verification at accurate and historical times.
According to FNDZ founder Valentino Cremona, the platform chose ChainLink because it can be easily integrated into EVMs when the platform expands in the future.