Lbank Exchange Integrates With Chainlink (LINK) For Live Price Feeds

February 15, 2022 9:40 am

Lbank announced that its digital asset exchange platform, Lbank Exchange, will be integrating with Chainlink (LINK) in order to retrieve live price feeds.

By integrating with Chainlink, Lbank can be confident that the price feeds the platform is getting is high quality data that has not been manipulated in any way as Chainlink is a leading decentralized oracle network.

Clients of Lbank will not have to worry about Lbank future contracts having any issues like getting delayed or incorrect data which will greatly help Lbank acquire more customers.

The company has mentioned that it primarily chose Chainlink because of its reputation as the best go-to oracle solution as Chainlink has proven itself in the past to be easy to integrate with and seamless in production operations.

Bitcoin.com reports:

Chainlink was chosen as the go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production.

Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value. It stays secure and available even amidst unexpected network events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.

As a global digital asset trading platform that provides services to more than 6.4 million users across the world, LBank Exchange has created a secure, innovative, and trustworthy space for crypto traders since 2015.

Like many platforms in the industry, the team initially used mark price to prevent unfair and unnecessary liquidations that may happen during high price volatility.

But since leading exchanges tend to reference each other in terms of prices, there are risks that these prices lose their reliability when the market is highly volatile.

Thus, it was 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 goes into even further detail about the main reasons why they chose Chainlink over all other decentralized solutions that were available on the market.

Firstly, Chainlink gets its price feeds from numerous high quality data providers which helps for ensuring that the prices are accurate.

Secondly, since Chainlink is a decentralized network, there are no worries about downtime or infrastructure outages.

Lastly, Chainlink already had a long list of platforms that it has integrated with which shows that Chainlink is one of the top oracle networks in the industry already.

Yahoo reports:

Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain.

Chainlink oracle networks provide smart contracts that can reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications.

Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

Currently, Chainlink (LINK) has a total market capitalization of $7.6 billion and is ranked as the 21st largest blockchain network.

Investors are optimistic about Chainlink’s status in the DeFi space as an oracle network as the network continues to onboard more big name financial platforms as clients.

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