KyberSwap just lately introduced a strategic collaboration with Chainlink. The platform integrates Chainlink Worth Feeds to safe its DeFi ecosystem with trust-minimized options and dependable infrastructure.
The event will considerably enhance the precision and effectivity of KyberSwap’s DAO and DeFi operations. As well as, Chainlink will permit KyberSwap to transform collected charges into KNC tokens at a good value worldwide.
It’ll make rewards distribution considerably simpler and extra environment friendly for KyberDAO members. In addition to this, the mixing boosts the KNC token’s assist as collateral on a number of DeFi lending platforms.
Lending protocols like Aave, Benqi, and QiDAO at the moment calculate KNC’s value when customers borrow funds or lend KNC utilizing the token as collateral. It’s essential to reinforce the lending platform’s reliability throughout KNC’s collateral liquidation.
In addition to utilizing Chainlink Worth Feeds for KNC-paired tokens, KyberDao may even accumulate information for belongings like WBTC and ETH. It’ll assist the platform covert transaction charges whereas pretty sharing the rewards with the voters.
Kyber may even run a Chainlink node that gives pricing for tokens, together with KNC, to safe the Chainlink oracle community. The Co-Founder and CEO of Kyber Community, Victor Tran, additionally spoke on the current integration.
In line with Tran, Chainlink proposes extremely decentralized, dependable, and safe market information. This information consists of KyberDAO, facilitating the community’s reward distribution system. The complete Kyber staff is delighted to make use of Chainlink Worth Feeds to assist builders throughout the multi-chain DeFi business, liquidity suppliers, and merchants.
The official put up by Kyber Community specified 4 essential attributes of Chainlink that made the mixing a pure match. These traits are:-
- Safe Node Operators: Secured by Sybil-resistant, unbiased, and security-vetted oracle nodes. Chainlink Worth Feeds are operated by main information suppliers, enterprises, and blockchain groups.
- Extremely-Exact Information: Chainlink sources information from a number of dependable information aggregators primarily based on quantity and comparable metrics, together with a number of exchanges. It permits the community to generate exact market costs proof against manipulation and inaccuracy.
- Decentralization: The value feeds are extremely decentralized on the oracle community, oracle node, and information supply degree. It leads to heavy safety in opposition to information tampering and downtime.
- Status System: Chainlink is vastly acknowledged for its on-chain monitoring instruments and framework. It boasts a wealthy historical past of offering real-time verification of oracle networks and node operators.