Reef Integrates Chainlink Price Reference Data

Decentralized Finance (DeFi) platform Reef will now enjoy secure and reliable price reference data from popular decentralized oracle platform Chainlink.

According to reports, the oracle platform will power Reef’s cross-chain asset management platform. Chainlink oracle integration will also open Reef up to top-notch price feeds presented in both ETH and DOT.  These price feeds will help determine atomic swaps exchange rates and also kick-start automated portfolio management on Reef. Chainlink price feeds in ETH and DOT will furthermore define lending and borrowing rates, estimate automated market maker (AMM) liquidity pools, as well as several other functions.

About Reef

Built on Polkadot, Reef is a cross-chain DeFi protocol. The exchange works with both centralized (CEX) and decentralized (DEX) exchanges. It provides users with unlimited access to liquidity on both CEX and DEX. The DeFi platform looks to bridge the gap between both CEX and DEX platforms using its interoperability tech.

According to an official blog post, “Reef’s smart liquidity aggregator and yield engine, enables trading with access to liquidity from both CEXes and DEXes.” The platform also simultaneously offers smart lending, staking, borrowing, and mining using the Reef AI-powered Yield Engine.

According to Reef, the importance of a reliable price feed to its cross-channel protocol cannot be over-emphasized. To operate a secure and effective cross-chain protocol, the platform needs uninterrupted access to accurate and real-time price feeds. This is especially important in the crypto space due to its high volatility.

Why Chainlink?

Reef further disclosed that following careful study of the various oracle platforms available, Chainlink turned up as the best available option. This is true for several reasons, namely:

  • Data quality
  • Secure nodes (Sybil-resistant node operators)
  • Unparalleled transparency and,
  • Decentralized network design.

Notably, Chainlink’s Price Reference Data is arguably the most widely used price oracle in the DeFi space. The oracle platform has secured over $3 billion worth of assets since its inception. Chainlink’s easily connected oracles are also a great addition to the Reef DeFi protocol.

The oracle platform furthermore confirmed its partnership with DeFi platform Reef on Twitter.

Reef CEO Denko Mancheski disclosed that the platform’s main aim is to facilitate DeFi adoption. He further added, “The closer fair market prices are to on-chain prices, the further we can push the adoption of DeFi.”

Mancheski further stated that Chainlink’s quality data will enable the creation of a “cross-chain protocol for DeFi that taps into all liquidity sources.”.

TrustSwap and Crypto.com also recently integrated Chainlink’s Price Reference Data.

Source

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