Twin Finance Integrates Chainlink to Secure the Pricing and Collateralization of Synthetic Assets
We’re excited to announce that Twin Finance — synthetic Token Creation Platform — has integrated Chainlink Price Feeds on the Binance Smart Chain mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, Twin Finance has access to high-quality, tamper-proof price feeds needed to allow our created synthetic tokens to equal the value of the real asset. This will provide our users with strong assurances that The price cannot be manipulated by any user and the prices will always be updated following the value of the real asset.
Our initial integration involves the use of the following Chainlink Price Feeds:
- tNDX (Tracks the Nasdaq 100 index price in USD)
- tTotalCap (Tracks the total crypto market cap)
- tTeamFund (Tracks a custom portfolio chosen by the Twin.finance team. It is composed of: 20 ADA + 1 DOT +0.001 BTC + 0.1 BNB)
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.
Twin.Finance enables users to access a wider range of assets in the blockchain, like Stocks, Indices, Funds, metals, and much more to come.
Some common use cases for twin.finance are:
– Long term investing in assets like stocks and indices
– Shorting and speculating on assets like crypto and stocks
– Leveraging your crypto holdings by minting our stablecoin with your crypto
In order to secure our tAssets (synthetic token), we needed access to fresh asset prices that are supplied directly on-chain in a highly 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 integrated 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.
“We chose Chainlink, because of its track record in the crypto market. We really pride ourselves on being integrated with the # 1 Oracle on the market. When we began communicating with the ChainLink team, we found the warmth that is needed for a long-term integration.” — Alejandro & Santiago (Co-Founders)
About Chainlink
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.
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