Grape Finance Secures GRAPE Stablecoin with Chainlink

Grape Finance has integrated Chainlink Price Feeds, gaining access to high-quality and tamper-proof price data. Users benefit from the integration as they are assured that MIM price data is now hyper-resistance to data manipulation.

Chainlink Price Feeds has been integrated by Grape Finance on Avalanche mainnet. The initial integration includes the use of MIM/USD only.

Out of all the providers, Grape Finance chose to go with Chainline Price Feeds as it functions on a time-tested oracle network. Chainlink Price Feeds data availability and robust security even during unexpected events like flash crashes, downtime, and data manipulation through flash loans.

Features of Chainlink Price Feeds that further cement the integration with Grape Finance are secure node operators, high-quality data, a reputation system, and a decentralized network.

Various independent nodes secure Chainlink Price Feeds. They are regularly reviewed for security and are Sybil-resistant nodes operated by DevOps teams, traditional enterprises, and data providers.

Data is of high quality as Chainlink feeds the data from premium aggregators. The data is weighted by volume and cleaned of wash trading & outliers, and it helps the provider generate more precise market prices that are resistant to manipulation and inaccuracies.

Protection against downtime is ensured by the decentralized network of Chainlink Price Feeds. It is decentralized at oracle nodes, data source, and oracle network, ensuring that there is no data manipulation either by the oracle network or data provider.

The reputation system is another feature of Chainlink Price Feeds that worked in its favor. A robust framework and a set of on-chain monitoring tools allow users to verify the performance in real-time.

LB, the Founder of Grape Finance, called Chainlink Price Feeds the pinnacle of battle-tested price data. LB added that Chainlink was the only market data solution they could rely on to secure Grape Finance.

Post the integration. Grape Finance will leverage Chainlink Price Feeds in algorithmically managing GRAPE supply. It includes increasing or decreasing the supply based on the demand from the market to maintain a 1:1 peg to MIM.

Chainlink has set an industry standard with its oracle services. The key offerings are building, accessing, and selling oracle services required to power hybrid smart contracts on any blockchain.

It already secures billions of dollars for major industries like insurance, DeFi, and gaming. Chainlink offers a universal gateway to all blockchains to some global enterprises and leading data providers.

Grape Finance has been built on Avalanche as an algorithmic stablecoin pegged 1:1 to MIM. GRAPE has been designed to boost the stablecoin liquidity without holders having to lock up the capital.

Grape Finance plans to use Chainlink Keepers to automate its smart contracts in a reliable and decentralized manner. Grape Finance has committed to continue exploring more ways to integrate the services of Chainlink into the Grape Finance protocol.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

Related Articles

Back to top button
Bitcoin (BTC) $ 66,296.76
Ethereum (ETH) $ 3,560.39
Tether (USDT) $ 0.999618
BNB (BNB) $ 608.51
Solana (SOL) $ 144.58
XRP (XRP) $ 0.481571
Dogecoin (DOGE) $ 0.136791
Cardano (ADA) $ 0.411409