- WLFI integrates Chainlink to boost security and functionality in its upcoming DeFi platform on Ethereum’s Aave v3.
- Chainlink Price Feeds will ensure reliable market data for assets like USDC, USDT, ETH, enhancing WLFI’s platform stability.
World Liberty Financial Inc. (WLFI) is set to integrate Chainlink’s technology to bolster its DeFi platform, a move aimed at enhancing security, data accuracy, and cross-chain functionality in its systems. This development comes as WLFI prepares to launch a new instance on the Aave v3 framework on the Ethereum mainnet, pending approval from its governance community.
Implementing Chainlink’s Technology
The collaboration with Chainlink will see WLFI adopt its standards for offchain data and cross-chain connectivity. The initial integration involves Chainlink Price Feeds which will facilitate reliable financial market data essential for the operation of WLFI’s Aave v3 instance. This setup is designed to support a variety of digital assets including USDC, USDT, ETH, and WBTC, among others.
Chainlink’s proven security track record in supporting major DeFi protocols was a key factor in its selection. It has maintained a solid security record over five years, safeguarding projects like AAVE from any significant loss of user value. Such reliability is crucial for WLFI as it seeks to cultivate trust and stability within its platform.
🦅🇺🇸 We're excited to announce that we are adopting the @chainlink standard for onchain data and cross-chain connectivity as a secure way to bring DeFi into the next stage of mass adoption. https://t.co/KBJmSplT9e
— WLFI (@worldlibertyfi) November 14, 2024
WLFI plans to expand its use of Chainlink’s capabilities in the future, incorporating features like proof of reserves for real-world assets and improving cross-chain interactions. These enhancements are intended to diversify the functionalities of the WLFI Protocol, making it more adaptable and useful for a wider range of financial applications.
Sergey Nazarov, Co-Founder of Chainlink, commented on the partnership, stating the alignment of Chainlink’s goals with WLFI’s mission to provide secure and dependable financial services in the DeFi space. He emphasized the importance of reliable data for users who prioritize security in their financial dealings.
Inspired by the upcoming new administration’s financial policies, WLFI aims to support the dominance of the US dollar by integrating US dollar-based stablecoins and enhancing the privacy of peer-to-peer transactions. This approach not only aligns with traditional American values but also supports the democratization of financial access.
Community Engagement and Governance
The integration further empowers the WLFI community through the governance capabilities of the $WLFI token, allowing token holders to have a say in the platform’s developmental direction. This participatory approach to governance is intended to align the platform’s evolution with the preferences and needs of its user base.
The current price of Chainlink (LINK) is $12.971 USD, showing a decline of 3.93% today.
Key Observations:
- Price Trend: Chainlink is down today but has shown gains of 6.33% over the past week and 14.82% in the last month. However, it remains down 20.32% over the past six months, indicating lingering bearish pressure in the longer term.
- Market Capitalization: LINK’s market cap is currently $8.12 billion USD, with a 24-hour trading volume of $803.21 million USD, reflecting strong liquidity and active trading.
Technical Analysis
Chainlink faces key support around $12.50 USD. If this support holds, a rebound towards resistance at $14.00 USD is possible. However, if the price breaks below this support, further declines may target the next support zone at $11.00 USD.
