Linkflow Finance Using Chainlink’s Decentralized Price Feeds For Secure and Transparent Crypto-to-Fiat Conversions
Linkflow, a Hong Kong-based crypto prime brokerage and algorithmic trading service, has successfully integrated Chainlink’s market-leading decentralized oracle network on the Ethereum mainnet. The integration involves Linkflow using Chainlink Price Feeds as a highly precise, tamper-proof, and transparent price reference for determining crypto-to-fiat exchange rates on our DeFi platform.
The initial Price Feeds now supported include USDT/USD and USDC/USD, with plans to support more pairings in the future. We selected Chainlink as our go-to oracle solution because its price reference data is decentralized and accurate. Most notably, Chainlink price data has market coverage across all trading environments, ensuring its resistant to issues caused by exchanges or data provider’s APIs experiencing downtime, inaccuracies, or data manipulation attacks (i.e., flash loans).
Linkflow is a new digital asset-based services platform providing seamless connectivity to the broader cryptocurrency ecosystem, allowing clients unprecedented access to a wide array of digital assets. Recently, Linkflow’s application token (Linkflow Token — LF) was listed on Bithumb, Korea’s №1 crypto exchange, marking a significant step forward in our mission to build a complete Prime Brokerage and DeFi Service platform.
In order to provide more transparent and reliable data and services, Linkflow required a highly secure and accurate source of real-time price reference data for establishing platform exchange rates. However, since Linkflow is built on top of a blockchain and blockchains are purposely disconnected from external APIs, we needed a blockchain middleware solution known as an oracle to supply Linkflow with off-chain price data.
We decided to use Chainlink as our go-to oracle solution because it’s the most widely adopted oracle network in the blockchain industry and its price reference data already secures billions of dollars in value for leading DeFi protocols. Chainlink Price Feeds are pre-built and time-tested, saving us substantial time and resources in getting our oracle solution launched in production while also avoiding the many risks of trying to deploy our own oracle solution. Some of the key features of Chainlink Price Feeds that stood out to us include:
- High-Quality Data — Chainlink Price Feeds source data from numerous high-quality data aggregators like BraveNewCoin and Amberdata, which collect prices from hundreds of exchanges and weight it by volume to arrive at a global market price. This generates high precision and robustness against faulty exchanges and data providers.
- Reliable Nodes — Chainlink Price Feeds are secured by an extensive collection of independent, security-reviewed, Sybil-resistant oracle nodes run by leading blockchain DevOps teams. Chainlink nodes have a strong history of performance, even during periods of extreme volatility and network outages.
- Decentralized Infrastructure — Chainlink Price Feeds are decentralized at the data source and oracle node level, removing any central point of failure in the sourcing and delivering of external data to our platform.
- Transparent Performance — Chainlink Price Feeds can be monitored in real-time by anyone, enabling users to verify that they are receiving a fair-market exchange rate.
“Chainlink’s decentralized oracle solution offers high-quality and transparent price reference data, which is absolutely essential to users of our platform,” said Chris Jung, President of Linkflow Finance. “Maintaining decentralized data feeds is paramount for our Prime Brokerage and DeFi services and we have secured this data with the best solution in the market. We are also planning to add an LF token price feed to the Chainlink ecosystem for others to use in the near future”
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
Linkflow platform offers crypto Prime Brokerage service while providing reduced Counterparty Risk and encouraging active asset utilization, contributing to the increase in trading volume itself through the use of decentralized applications, and blockchain technologies. It provides institutions and individual investors with detailed information such as their positions in various cryptocurrencies, real-time valuation balance, deposit and withdrawal transaction history, and analysis of major trading trends and circulation volume.