Dios Finance Announced Integration with Chainlink Price Feeds

Dios Finance announced this Thursday, February 24, through its Twitter account, its integration with Chainlink Price Feeds in the BNB Chain main network, this to help secure the price of the bonds.

Image on Dios Finance post on Twitter

“We are pleased to announce that Dios Finance, a community-owned ecosystem backed by a Crypto Treasury, has integrated Chainlink Price Feeds into the BNB Chain mainnet. By integrating the industry-leading decentralized Oracle network, Dios Finance has access to the high-quality, tamper-proof pricing sources needed to help secure its linking function. This will provide our users with stronger assurances that the linking feature is referencing fair and accurate market rates globally”, he said in an article published on the Medium platform.

According to the company, its initial integration involves the use of the following Chainlink price sources: WBNB. We chose Chainlink as our reference Oracle solution because its infrastructure is seamless to integrate with and is time-tested in production. Chainlink already helps protect major DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining strong security and high availability even amid unexpected events such as exchange downtime, flash crashes, and attacks of data manipulation through fast loans.

In his view, the peg function allows DIOS to acquire its own liquidity and other reserve assets such as BUSD by selling DIOS at a discount in exchange for these assets. The protocol quotes the bonder with terms such as the price of the bond, the number of GOD tokens entitled to the bonder, and the acquisition term. The bonder may collect part of the incentives (GOD tokens) as they are awarded, and the full amount (or the amount remaining after previous claims) will be claimable at the end of the award period.

“To help secure our bond function and provide accurate discounts based on fair market prices, we needed access to new asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average of all trading environments. So, we needed to make use of an Oracle network to get aggregated off-chain pricing data and deliver it on-chain for our application to consume”, he added.

Also read: LinkPool announced the launch of Phase 2 of NaaS

The company said that it integrated Chainlink Price Feeds because they provide a multitude of critical features, such as:

High-quality data: Chainlink’s price data sources come from numerous premium data aggregators, leading to aggregate price data from hundreds of exchanges, volume-weighted and clean of outliers and wash trades. Chainlink’s data aggregation model generates more accurate global market prices that are inherently resistant to inaccuracies or manipulation from any single or small set of exchanges.

Secure Node Operators: Chainlink’s price feeds are protected by independent, security-reviewed, and Sybil-resistant Oracle nodes run by leading blockchain DevOps teams, data providers, and traditional businesses. 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, creating strong protections against downtime and tampering by the data provider or host. oracle network.

Reputation System: Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the real-time and historical performance of Oracle networks and node operators.

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