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Digital asset exchange LBank has announced the integration of decentralized oracle network, Chainlink's price feeds to help secure perpetual futures trading via access to the latter's high-quality, tamper-proof price feeds. By integrating with Chainlink, LBank hopes to provide users with more options for investment, and services via accurate asset value evaluation. LBank specifically chose Chainlink oracle solution because its ‘infrastructure is seamless to integrate and time-tested in production.’
“we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to collect aggregated price data in a secure and reliable way, without relying on recursive centralized feeds,” LBank explained in the press release.
After updating from mark price to fair market price via Chainlink, the new system will soon be adopted into futures price calculation, lending business expansion, various financial derivatives such as leverage, and other sections that involve asset evaluation. Chainlink provides oracle solutions that connect smart contracts with off-chain data. Supporting more than 700 oracle networks, the blockchain network provides market data such as price feeds, weather data, sports statistics, and more. At the end of 2021, there were over 1,000 projects in the Chainlink ecosystem, with half of its integrations added during the past year. The network has even surpassed $75 billion of total value secured (TVS), a tenfold increase from 2020. https://twitter.com/chainlink/status/1476961385473056772?s=20