Trader Joe Will Integrate Chainlink Price Feeds to to Finally Bring Lending and Leveraged Trading to Avalanche
We’re excited to announce that Trader Joe — a one-stop decentralized trading platform — will be one of the first to integrate Chainlink Price Feeds on Avalanche. By integrating Chainlink’s industry-leading decentralized oracle network, Trader Joe will have access to high-quality, tamper-proof price feeds needed to finally bring DeFi to Avalanche with lending and leveraged trading. This will provide our users with strong assurances that our lending and leveraged trading protocols are safe and secure.
We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already secures leading DeFi protocols responsible for billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
In order to secure our lending and leveraged trading protocols, we need access to fresh asset prices that are supplied directly on-chain in a highly secure and reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments, so we need to make use of an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we selected Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, ensuring broad market coverage through price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
- Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
Let this be the initial step of bringing DeFi to Avalanche by being one of the first to sponsor price feeds starting with AVAX/USD and ETH/USD. Putting the Avalanche community is and always will be one of our core values. Eventually, we will expand the price feeds to Avalanche-native tokens so Avalanche-native projects can find additional use cases for their token by having the option to lend them out.
“Going with Chainlink oracles was a no-brainer. They’re industry-proven and their price feeds are resistant to volatility. They’re also a fantastic team who provide wonderful support.” — cryptofish, co-founder.
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.