Symphony Finance Integrates Chainlink Price Feeds on the Avalanche Mainnet

The limit order protocol for yield generating, Symphony Finance, has finally made the announcement of integrating Chainlink Price Feeds on the Avalanche mainnet. This integration of the leading decentralized network, Symphony, will ensure full access to tamper-proof, high-quality price feeds that are required to ensure that the protocols are hyper-resistant to every single source of data manipulation attack. Chainlink Price Feeds offer users robust assurance that limit orders are all filled at the right market prices, especially during external infrastructural outages and high network congestion. 

Symphony’s initial integration will use the Chainlink Price Feeds mentioned below: 

BTC/USD, ETH/USH, USDC/USD, DAI/USD, USDT/USD, QI/USD, AVAX/USD, and LINK/USD. 

The platform has chosen Chainlink since it is their common oracle solution as the infrastructure offered by Chainlink is completely seamless and time-tested to integrate and in production. 

Chainlink aids in securing leading DeFi (Decentralized Finance) protocols that are responsible for billions in terms of value, thereby maintaining high availability and robust security even amid unexpected events like flash crashes, price manipulation attacks through flash loans, and exchange downtime. 

Being a decentralized protocol, Symphony Finance allows users to create yields on limit orders on a DeFi protocol. This is an extremely useful instrument as certain limit orders tend to remain dormant for weeks as the traders anticipate filling their positions. Any user with a rough idea of the minimum and maximum price of assets can generate a limit order, and the assets continue to generate yields till the limit order is complete. Once it is filled, the new asset, as well as the accumulated yields, get transferred to users automatically. Hence, all the users need to perform is set a range for stop-loss and limit orders, and relax!

To secure the protocol against any price manipulation attack, Symphony Finance was required to access a new set of asset prices directly supplied on-chain in an extremely reliable way. Fair asset prices in the market reflect a weighted average volume from different trading environments. Hence, the protocol was required to use the oracle network to get aggregated price information off-chain as well as deliver the same on-chain so that the application can consume it. 

Symphony Finance integrated Chainlink Price Feeds as they offer several essential features discussed below:

  • Superior Quality Data – Chainlink source data through several premium quality data aggregators. This leads to the price data, aggregated from thousands of exchanges, volume-weighted, void of wash trading, and outliers. The data aggregation model used by Chainlink produces a more precise global price range that is essentially resistant to manipulation or inaccuracies of a single exchange or a small series of exchanges. 
  • Reliable Node Operators – Chainlink is secured by an independent, Sybil-resistant, and security-reviewed oracle node operated by top blockchain DevOps team traditional enterprises and data providers. The nodes offer a robust track of reliability, especially during infrastructure outages and higher gas prices. 
  • Decentralized Network – Chainlink is a decentralized platform at the oracle node, oracle network level, and data source that generates strong protection against tampering by the oracle network or data providers. 
  • Reputation – Chainlink offers a strong reputation framework along with a series of on-chain monitoring instruments that enable users to autonomously verify the real-time performance and history of the oracle networks and node operators.

In the near future, Symphony Finance plans to employ additional Chainlink to offer limit orders on additional assets. It also plans to integrate Chainlink Price Feeds on various other blockchain networks as they keep expanding the protocols on the Symphony Finance platform.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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