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Important news for the crypto sector: Zeta has integrated Chainlink Price Feeds on Solana‘s mainnet.
Blockchain oracles are at the heart of many decentralized finance protocols. They provide applications like Zeta with secure and reliable financial data that can be used on-chain, enabling the creation of innovative and open financial products.
Chainlink Price Feeds on Solana’s mainnet: resilience and security
The integration of Chainlink Price Feeds on the Solana mainnet will initially use the following Chainlink price feeds: BTC/USD, ETH/USD, and SOL/USD. By leveraging Chainlink’s reliable, high-speed, decentralized price feeds, Zeta can improve the performance and resilience of its trading exchange.
The addition of Chainlink as a reliable oracle provider will help ensure that perpetuals and other contracts on Zeta are resolved with even greater accuracy and reliability.
Zeta Markets is an undercollateralized derivatives platform with a fully on-chain risk engine and Central Limit Order Book (CLOB). Solana is the only mature ecosystem that provides the engineering flexibility to host such an application without compromising decentralization.
Chainlink’s price feeds are an essential part of the trading infrastructure required for DeFi to flourish on Solana. This combination of institutional-grade oracles, high-performance base tier, and several sets of validators makes Solana one of the best performing chains for institutional finance.
Fortunately, Chainlink has demonstrated that it can deal efficiently with unforeseen events. This is essential for systems that manage trade execution and risk management, particularly those that provide the additional safeguards provided by Web3.
Tristan Frizza, founder of Zeta Markets, said the following about this:
“We are excited to integrate Chainlink Price Feeds into Solana to help increase the resiliency and security of our protocol. We take platform security very seriously, so it is imperative for us to leverage Chainlink’s industry-leading Oracle solution to ensure our protocol is as robust as possible for adverse market events.”
Chainlink data feeds on Solana: how it works
Chainlink data feeds are the fastest way to link smart contracts to actual market prices of assets. Specifically, to use this feature, one must deploy a program in the Solana Devnet cluster and access on-chain data feeds using Chainlink Solana Starter Kit.
Chainlink Data Feed on-chain data is available in the existing project using Chainlink Solana Crate. The Solana Starter Kit, on the other hand, includes an on-chain program written in rust and an off-chain client written in JavaScript.
The client passes an account to the program, the program then looks up the account’s last specified price feed and then stores the result in the transferred account. Finally, the off-chain client reads the value stored in the account.
In addition, Solana’s data feed addresses are different and each has specific characteristics. First, there are the verified ones: feeds that follow a standardized data feed workflow.
Then, there are monitored feeds, which are feeds being reviewed by the Chainlink Labs team to support the stability of the broader ecosystem. There are also custom feeds, i.e., feeds created to serve a specific use case and may not be suitable for general use.
And specialized feeds: purpose-built feeds that may be based on contracts managed by external entities and require a thorough understanding of the composition methodology before use.
Nereus Finance also integrates Chainlink pricing feeds
Nereus Finance, a leading lending protocol, has also integrated Chainlink Price Feeds on Avalanche and Polygon mainnet. By integrating the industry-leading decentralized Oracle network, Nereus Finance has access to high-quality, tamper-proof price feeds required to accurately calculate collateral values of digital assets.
Chainlink, according to Nereus, is the Oracle solution of choice because its infrastructure is seamlessly integrated and time-tested in production. Chainlink already helps protect key DeFi protocols responsible for tens of billions of dollars of smart contract value.
In particular, maintaining robust security and high availability even in the midst of unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
Nereus Finance is a DeFi protocol that allows users to lend or borrow funds using their own digital assets as collateral. In addition to loans and pooled loans, Nereus Finance also offers the NXUSD stablecoin market.
Users can deposit collateral to borrow NXUSD, which they can deposit to access additional returns or spend using Wirexapp, which offers users access to more than 90 million stores worldwide.
To protect its core lending and borrowing operations, Nereus required access to new asset prices provided directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average of all trading environments.
Therefore, it was in need of using an Oracle network to retrieve off-chain aggregate price data and deliver it on-chain for use by its application.