Poison Finance Integrates Chainlink Price Feeds for Accurate Information
Poison Finance, a decentralized multi-chain reflected asset system, has announced that it has integrated Chainlink Price Feeds on the mainnet of the BNB Chain. This move aims to provide safe and accurate pricing information for its replicated assets.
.@PoisonFinance has upgraded its oracle solution to #Chainlink Price Feeds in order to source secure and high-quality price data for its mirrored assets.
Explore how Price Feeds help enhance the reliability of #DeFi protocols ⬇️https://t.co/Br7ORvHBdC
— Chainlink (@chainlink) March 31, 2023
Chainlink Integration Improves Confidence for Poison Finance Consumers
Poison Finance allows the creation of mirrored assets over several chains. To ensure the safety of transactions involving mirrored assets, Potions, also known as pTokens, are backed by stablecoins. This approach ensures that users located anywhere in the globe can easily access the price risk of the financial funds by simulating the price movements of actual assets.
To protect the replicated assets, they need access to recently updated asset values that are provided immediately on-chain in a very dependable way. Prices of assets on the fair market need to represent a volume-weighted aggregate of prices made in all trading contexts. As a result, Poison Finance has integrated Chainlink Price Feeds on the mainnet of the BNB Chain.
Decentralized Database Network Chainlink Key to Safeguarding Defi Protocols
Chainlink is a decentralized database network that provides tamper-proof pricing feeds. These are necessary to assist in the protection of the reflected assets. It is already helping to safeguard renowned DeFi protocols, which are willing to take responsibility for hundreds of millions of dollars in clever value of the contract. Chainlink is capable of sustaining robust safety and high accessibility even amid unforeseen events. It includes such exchange leisure time, blink collisions, and data analysis threats via flash lenders.
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With the integration of Chainlink Price Feeds, Poison Finance consumers will have more confidence that the pTokens they use reference safe and high-quality market information that is supplied by a decentralized system that has been thoroughly vetted.
Poison Finance’s integration of Chainlink Price Feeds on the mainnet of the BNB Chain is a significant development. It will benefit the platform’s users. By providing safe and accurate pricing information for its replicated assets, Poison Finance aims to improve the confidence of its users in the platform. This move also underscores the importance of decentralized database networks like Chainlink in the DeFi space.
