We’re excited to announce that DeFiato, a next-generation centralized DeFi platform, has integrated Chainlink Price Feeds on the multiple chains it supports, including Ethereum, BNB Chain, Polygon, and Avalanche. By integrating the industry-leading decentralized oracle network, DeFiato has access to high-quality, tamper-proof price feeds needed to provide pricing boundaries that help act as guardrails for asset swaps. This will provide our users with greater assurance that asset prices won’t exceed the maximum or minimum set parameters when they participate in swaps on DeFiato.

We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans. 

As a Centralized DeFi (CeDeFi) platform, DeFiato combines the user-friendly features of a centralized platform with DeFi services such as swapping, yield farming, lending/borrowing, and more. With a beginner-friendly and all-in-one CeDeFi platform, DeFiato makes DeFi services easily accessible to all users, including those with little to no experience. Within just a year of our launch, DeFiato has accumulated more than 100,000 users worldwide. 

In order to help secure our swap function, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.

After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:

• High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges. 
• Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. 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, generating strong protections against downtime and tampering by either the data provider or oracle network.
• Reputation System  — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.

As DeFiato continues to expand its DeFi service offerings and onboard new chains onto our platform, we plan to leverage additional Chainlink Price Feeds to improve the user experience and make it even more seamless, easy, and secure.

“Chainlink Price Feeds help move us closer to a more decentralized platform and improves our capabilities to present high-quality, globally precise data to our users.”  – Jeremy Khoo, CIO of DeFiato

About Chainlink

Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert. 

About DeFiato

DeFiato is the next-gen mainstream Fintech platform for Decentralized Finance (DeFi) that eliminates technical barriers and financial risks associated with many decentralized platforms. It provides a user experience similar to centralized services, such as assured security, quick settlements, ease-of-use and customer service support.

The platform enables on-chain liquidity through various pools, across different chains. It is also constantly growing its DeFi service offerings in its journey to becoming a leading cross-chain aggregator in the DeFi space.