FilDA Finance integrated Chainlink into Mainet

Chainlink announced on Monday March 22, through its Twitter account, that FilDA Finance integrated Chainlink into Mainet to value the assets used within its decentralized loan platform; In addition, it explained that, as a blockchain agnostic Oracle network, FilDA can “consume high-quality data from Chainlink at the speed and cost native to Heco Chain”.

La imagen tiene un atributo ALT vacío; su nombre de archivo es Chainlink-2.jpg
Image on Chainlink’s Twitter post

“FILDA, the world’s first decentralized, cross-chain lending platform based on HECO, is pleased to announce that it is using the market-leading Chainlink Price feeds live on the HECO MainNet. By integrating Chainlink’s decentralized Oracle network, FilDA smart contracts now have a tamper-proof, accurate and constantly updated source of on-chain pricing data available directly from HECO. FilDA uses these price oracles to determine collateral ratios, trigger user settlements and calculate interest rates”, FilDA said through an article published on the Medium platform.

According to the company, FilDA currently supports 18 different assets, and each asset has a corresponding interest rate. “When a user initiates a loan for a particular token, the maximum loan amount is equal to the total amount of collateral available for that token multiplied by its specific loan rate,” he added; So, to determine if settlements should occur (aka loan defaults), the contract will first fetch the symbolic price of both the borrowed asset and the collateral from Chainlink Price Feeds, then use those prices to verify the loan-to-collateral relationship. current of the borrower. “If the loan-guarantee ratio exceeds the predetermined settlement level, the settlement can be executed“, he ruled.

In his opinion, the issuance of loans and the execution of settlements are fundamental processes for the success of FilDA, to “maintain the solvency of the protocol and the funds of the protected users. Therefore, the company indicated that it set out to integrate the “most secure and reliable Oracle solution in the industry”.

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“As the most widely adopted decentralized Oracle network, Chainlink was our clear choice, especially after its recent native launch at HECO“, he said. Given the fact, the company shared a series of functions that Chainlink provides to FilDA users, such as:

• High-quality data – All Chainlink price sources derive data from numerous professional data aggregators, leading to global market price consumption reflecting a volume-adjusted aggregate from all trading environments.

• Secure Nodes – All Chainlink pricing sources are protected by decentralized Oracle networks comprised of independent, security-reviewed node operators, managed by experienced blockchain and DevOps teams, mitigating both downtime and Sybil attacks.

• Decentralized Network – Chainlink’s pricing sources are decentralized at the oracle and data source level, resulting in high uptime and tamper resistance in sourcing and delivering external price data across the chain.

• On-chain monitoring – Each Chainlink price feed is accompanied by open visualizations and reputation frameworks derived from on-chain data, allowing anyone to independently audit the performance of Oracle networks.

“By integrating Chainlink, we have established the industry-leading Oracle solution as a central part of the security and reliability of FilDA’s DeFi loan products, ensuring that users always receive fair market loans and settlements that are accurate and proven. tampering”, said FilDA co-founder Mr. BAO.

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