Glacier is a CeDeFi transaction platform that provides alternative options in the finance industry. It has incorporated the price feeds of Chainlink on the Polygon mainnet. Glacier can now access tamper-proof, superior-quality pricing feeds required to construct rates of exchange in real-time on multiple fiat and cryptocurrencies used in borrowing and lending by integrating the industry-leading decentralized oracle network. It will assure users by ensuring that the values on the platform are always up to date, safe, and reliable.
The following Chainlink Price Feeds were used in the first integration: BTC/USD, CLP/USD, and ETH/USD. Chainlink was chosen as the only oracle solution since its architecture is easy for integration and has been used in production for a long time.
Glacier acts as a liquidity protocol by using the exchange platform and fiat on/off-ramp to link crypto-asset owners with owners of fiat assets. As a result, owners of crypto assets can access liquidity without selling their assets. In contrast, owners of fiat assets would offer liquidity in exchange for reduced risk returns. Glacier required access to new asset values that were given on-chain immediately in a very dependable way to secure the exchange rates reference while providing loans and monitoring their collateralization. A volume average of all trading settings should be used to determine equal market values of an asset.
Following an evaluation of several oracle solutions, Glacier decided to utilize Chainlink Price Feeds since they offer several important characteristics:
- Top-Quality Data- Chainlink Price Feeds obtain data from several leading data aggregators, resulting in price data gathered from hundreds of exchanges free of outliers and wash trading. Data aggregation by the Chainlink approach aids in the generation of accurate global market prices resistant to errors or manipulation of anyone or a limited group of exchanges.
- Secure Node Operators– Independent, Sybil-resistant oracle nodes managed by top Blockchain DevOps teams, data suppliers, and traditional companies having a solid record of dependability, even amid high prices of gas and infrastructure failures, protect Chainlink Price Feeds.
- System of Reputation– Chainlink’s reputation system includes reputation architecture and a set of on-chain monitoring tools that allow users to independently evaluate node operator and oracle network performance in the past and in the current time.
Chainlink is a crypto standard for creating and selling oracle services required to run an innovative hybrid network on blockchain. Smart contracts may connect with external API and use safe off-chain calculations to provide feature-rich apps, thanks to Chainlink oracle networks. Chainlink protects billions throughout the DeFi, gaming, and other vital industries and offers a universal gateway to global companies and top data suppliers for all blockchains.
Glacier is a Centralized Decentralized Finance (CeDeFi) that offers markets a unique and innovative alternative to traditional financial services. Glacier is a firm believer in the potential of connected users and the advantages of centralized regulation.