Celsius Network positions itself as a solution to manage assets in a modern way. To beef up its business model, the team decides to integrate Chainlink’s decentralized Price Feeds. Through this integration, the platform aims to protect itself from potential oracle manipulation.
A big Move for Celsius Network
A fair few DeFi platforms have integrated decentralized price oracle solutions. More often than not, these projects seem to opt for the same solution. Chainlink provides such a service, and it is getting a lot of attention from developers as of late. Celsius Network is the latest project to integrate this technology.
Leveraging the decentralized Price Feeds will help power Celsius’ internal systems and pricing services. To be more specific, the team will make use of 35 Chainlink price Feeds for supported assets. On Celsius Network, users can manage cryptocurrencies, stablecoins, and monitor FX rates. Obtaining price data from multiple independent sources will prove beneficial to all users of the platform.
Celsius CTO Nuke Goldstein adds:
“Pricing is a potential attack vector and we take it very seriously. The integration of Chainlink’s highly secure and reliable oracles is an important addition to strengthen our fortifications, along with providing our users with heightened levels of transparency on the price feeds powering our financial products and services.”
For users of the platform, the decentralized price Feeds will bolster the Celsius Explorer App right away. The technology will also prove useful for lending/borrowing rates, and calculating weekly rewards. Last but not least, they will help determine the current Ethereum gas prices.
The Reasoning Behind Integrating Chainlink
For the Celsius Network team, several boxes had to be checked prior to settling for Chainlink. More specifically, the requirements include:
- – High Quality Data
- – Secure Infrastructure
- – Chainlink is an industry leader, especially where its Price Feeds are concerned
- – Transparent processes
Integrating these Price Feeds is part of the broader vision for Celsius Network. The project is currently in the process of further decentralizing its platform and introducing additional transparency. Whether this will lead to a better user experience, remains to be determined. With so many different feeds to explore, some interesting options can be explored in the future.
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