Chainlink announced this Wednesday, January 5, through its Twitter account, that Revest Finance is using Chainlink Price Feeds on Ethereum to help secure its Time-Locked NFTs, which unlocks acquired fungible tokens when a predefined price is reached.
“We are pleased to announce that Revest Finance, a protocol for packaging, storing and transferring fungible ERC-20 tokens as non-fungible (NFT) tokens, has integrated Chainlink pricing into the Ethereum backbone. By integrating the industry-leading decentralized Oracle network, Revest has access to the high-quality, tamper-proof pricing sources necessary to determine when a locked value FNFT matures and is eligible for unlocking and withdrawals. This will provide our users with stronger guarantees that their FNFT with locked value will not be subject to unlocking or premature withdrawal due to any manipulation of the price data in the chain”, he said through an article published on the Medium platform.
The company indicated that its initial integration involves the use of the following Chainlink price sources: ETH / USD, USDC / ETH, LINK / ETH, USDC / USD and DAI / ETH. We chose Chainlink as our Oracle solution because its infrastructure is perfect for integration and proven in production. Chainlink already helps secure the major DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even in the midst of unexpected events such as exchange downtime, sudden failures and attacks from data manipulation through flash loans.
In his view, the Revest protocol provides SmartVaults with FNFT technology that can block any ERC-20 token. There are three types of composable locks: time locks, value locks, and direction locks. These locks can enable a wide range of use cases. To help secure our Value Locks, we needed access to new asset prices that are supplied directly downstream in a highly reliable manner. Fair prices of market assets should reflect a volume weighted average of all trading environments. So, we needed to make use of an Oracle network to fetch aggregate price data off-chain and deliver it on-chain for our application to consume.
According to Revest, after reviewing various Oracle solutions, they integrated Chainlink’s pricing sources because they provide a multitude of critical features such as:
• High-quality data: Chainlink Price Feeds pulls data from numerous premium data aggregators, leading to aggregated price data from hundreds of exchanges, weighted by volume and cleaned of outliers and suspicious volumes. Chainlink’s data aggregation model generates more accurate global market prices that are resistant to API downtime, sudden failure outliers, and data manipulation attacks such as instant loans.
• Secure Node Operators – Chainlink’s pricing sources are protected by independent, security-reviewed, and Sybil-resilient Oracle nodes, run by leading blockchain DevOps teams, data providers, and traditional companies with a strong track record of reliability, even during extreme and high gas prices. network congestion.
• Decentralized Network – Chainlink’s pricing sources are decentralized at the data source, Oracle node, and Oracle network tiers, creating strong protections against downtime and tampering by the data provider or from the Oracle network.
• Transparency: Chainlink provides a robust reputation framework and a set of chain monitoring tools that allow users to independently verify the historical performance of node operators and Oracle networks, as well as verify prices in real time that are offered.