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- Prime Protocol has integrated Chainlink Price Feeds on Mainnet to help accurately calculate the value of collateral deposited to their platform.
- The integration involves the use of Chainlink Price Feeds for the USD pairs on AVAX, USDC, USDT, DAI, ETH, GLMR, and MATIC.
Prime Protocol Integrates Chainlink Price Feeds to Help Calculate Collateral Ratios
Prime Protocol has announced the integration of Chainlink Price Feeds on Mainnet to provide high-quality, tamper-proof price feeds needed to help accurately calculate the value of collateral deposited to their platform. With the use of Chainlink Price Feeds for the USD pairs on AVAX, USDC, USDT, DAI, ETH, GLMR, and MATIC, Prime Protocol users can have stronger assurances that loans are fairly liquidated according to preset collateral ratios, and the protocol remains fully solvent at all times.
.@spark_protocol, a protocol powered by @MakerDAO, has integrated #Chainlink Price Feeds to help accelerate the development of its lending & borrowing platform, Spark Lend.
This marks the first Price Feeds integration for the MakerDAO ecosystem.https://t.co/o5LigIS2Zr
— Chainlink (@chainlink) May 9, 2023
Chainlink Price Feeds: A Reliable Oracle Solution
Prime Protocol integrated Chainlink Price Feeds as their go-to oracle solution due to its seamless infrastructure integration and time-tested reliability in production. Chainlink secures 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.
Cross-chain prime brokerage protocol @prime_protocol has integrated #Chainlink Price Feeds on #Moonbeam to help accurately calculate collateral ratios.
Discover why Price Feeds are mission-critical for lending platforms👇https://t.co/7xMYqObJWM
— Chainlink (@chainlink) May 9, 2023
Natively Cross-chain Prime Brokerage Protocol
Prime Protocol is a natively cross-chain prime brokerage protocol that enables users to borrow funds using collateral from various chains. This model breaks down the silos of the highly siloed DeFi ecosystem on individual chains, increasing liquidity across the DeFi ecosystem. With this cross-chain application, users can deposit assets from one chain and seamlessly access credit on another chain.
Chainlink Price Feeds’ Critical Features
Chainlink Price Feeds provide a multitude of critical features, including high-quality data sourced from numerous premium data aggregators, secure node operators, a decentralized network, and a reputation system. Chainlink’s data aggregation model generates more precise global market prices, inherently resistant to inaccuracies or manipulation of any single or small set of exchanges. Additionally, Chainlink nodes have a strong track record of reliability even during high gas prices and infrastructure outages.
Finally, Chainlink’s reputation framework and on-chain monitoring tools enable users to independently verify the performance of node operators and oracle networks.
In conclusion, Prime Protocol’s integration of Chainlink Price Feeds on Mainnet provides users with stronger assurances of fair liquidation and fully solvent protocols. Chainlink Price Feeds’ critical features, including high-quality data, secure node operators, a decentralized network, and a reputation system, provide reliable and accurate price feeds needed to help accurately calculate the value of collateral deposited to the Prime Protocol platform.