CoinFLEX is Excited to Announce the Integration of Chainlink Price Feeds into our Platform
CoinFLEX is excited to announce the integration of Chainlink Price Feeds into our platform. Chainlink’s market-leading price feeds will serve as an additional layer of reliability, becoming the default source of price data in the unlikely event that our systems become unresponsive for a short period of time. This will give us a constant, decentralized source of price information and will allow us to test Chainlink before a potential deeper integration in the future.
CoinFLEX is an exchange where users can seamlessly trade perpetual contracts, collect interest on the world’s first interest-bearing stablecoin, and participate in yield farming via AMM+. The latter allows users to concentrate their liquidity into a price range of their choosing and earn yield from the trading activity within that range on CoinFLEX’s centralised order books.
With the availability of leverage, and the speed and efficiency of centralised orderbooks, AMM+ allows users to trade more with less, resulting in the most capital efficient automated market maker in the world. With CoinFLEX, ‘Link Marines’ can buy and trade LINK in our spot, futures and borrow/lendmarkets & can now add their LINK to the AMM+ in order to earn additional yield and make the most of their LINK holdings (www.coinflex.com/transparency).
In order to create a safe and secure trading environment, we wanted to add multiple layers of protection against potential attack vectors and unexpected failure scenarios, starting with downtime. Though we have gone to great lengths to ensure the reliability of our internal systems, outlier scenarios may occur – but can be mitigated through decentralized infrastructure.
We decided to integrate Chainlink Price Feeds as they are the most time-tested oracle solution in the industry, currently securing tens of billions of dollars in value for leading DeFi projects. Chainlink Price Feeds have strong market coverage across all trading environments and are updated by a decentralized network of professional node operators with historical reliability, eliminating central points of failure.
This will give our platform more robustness in extreme cases of data provider downtime, market volatility, flash crashes, or any other outlier situations. Some of the key features of Chainlink Price Feeds include:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that is aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are resistant to a single or small set of exchanges experiencing inaccuracies.
- 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 with a strong track record for reliability, during extreme market volatility and network congestion.
- 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 the oracle network.
- Reputation — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of price feed networks, as well as check the real-time prices being offered.
“Chainlink Price Feeds were the ideal solution for our blockchain-based CeFi exchange because their price data has extensive market coverage across all trading environments and robust infrastructure to ensure consistent updates with high tamper-resistance and availability,” commented Mark Lamb, CEO of CoinFLEX. “The integration of Chainlink brings an extra layer of reliability to our platform, giving users a superior trading experience knowing that even in worst-case scenarios – there are additional layers of protection in place.”
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provides developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects, at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
Founded in 2019, CoinFLEX is the Home of Crypto Yields and is committed to providing institutional and retail investors an easily accessible platform to earn and trade crypto.
CoinFLEX creates innovative solutions to bring investors and crypto markets together through intuitive yield products such as flexUSD, the world’s first interest-earning stablecoin, and AMM+, the most capital-efficient automated market maker in the world. CoinFLEX is backed by crypto heavyweights, including Roger Ver, Mike Komaransky, Polychain Capital, and Dragonfly Capital.