YouHodler Strengthens Its Cedefi Ecosystem with Chainlink
Even though centralized finance is still a significant part of the economy, decentralized finance is now slowly making its way into the economies of several countries across the world. The advanced blockchain technology drives the ecosystem of decentralized finance by replacing intermediary authorities with smart contracts for the execution of transactions. It may seem that DeFi and CeFi are mutually exclusive but they are mutually beneficial instead. Moreover, Chainlink’s state-of-the-art technology is enhancing the mainstream adoption of DeFi by roping in more users into DeFi from CeFi.
The hybrid platforms of CeDeFi endeavor to provide the best of centralized and decentralized finance by the reinforcement of corporate and social responsibility complemented with cryptographic guarantees. YouHodler is one of the most renowned CeDeFi platforms in the world. The fintech platform launches unique DeFi products and drives the innovative DeFi applications in the traditional framework of centralized finance. YouHodler has entered into a partnership with Chainlink to employ Chainlink Price Feeds to boost the transparency of crucial functions that include liquidation of undercollateralized loans and issuing new loans. It will also improve the workings of the hybrid CeDeFi platform.
Ilya Volkov, the CEO of YouHodler, said that the platform aims to spread awareness about cryptocurrency transactions to develop the ability to rake in high yields from DeFi transactions. According to Volkov, the integration with Chainlink Price Feeds is important for the creation of a synergistic and superior cryptocurrency solution that will benefit every CeDeFi user. Chainlink Price Feeds provides access to high quality data regarding decentralized exchange rates on several popular cryptocurrency pairs. YouHodler has been able to boost the reliability and transparency of the backend pricing mechanism of the platform through the partnership with Chainlink. The platform’s core mission is to possess the most top notch quality of market price feeds in the industry. You can walk through our YouHodler review to understand & learn more about the platform.