Augmented Finance protocol to be strengthened further with Chainlink price feeds
Chainlink price feeds will be integrated to secure the Augmented Finance protocol against data manipulation attacks
TL;DR
- Augmented Finance will use the industry’s leading price oracle — Chainlink
- Using Chainlink will boost the security of the users of Augmented Finance against price manipulations
Augmented Finance will integrate Chainlink Price Feeds on Ethereum. By integrating Chainlink’s industry-leading decentralized oracle network, Augmented Finance will have access to high-quality, tamper-proof price feeds needed to supply accurate and up-to-date price data to smart contracts when calculating lending and borrowing rates. This will provide our users with strong assurances that the protocol is secure against price manipulation from the oracle operators, miners, and users.
Chainlink was chosen as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already secures leading DeFi protocols responsible for billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
To secure Augmented Finance’s lending pools, we need 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, so we need to make use of an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we selected Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-quality data — Chainlink Price Feeds source data from numerous premium data aggregators, ensuring broad market coverage through price data that is aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- Secure node operators — Chainlink price feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
- Decentralized network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
- Reputation system — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
About Chainlink
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
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Augmented Finance is a DeFi liquidity protocol for high-yield lending and low-interest borrowing of digital assets, launched fairly and enabled by AI.
Augmented Finance is on a mission to help everyone achieve and secure financial independence and be a trusted long-term source of income and liquidity.
Augmented Finance focuses on intelligence as a core capability. Augmented Finance learns and evolves behavior based on market activity and brings the highest level of efficiency to the market. Augmented Finance factors in not only collateralization levels but also liquidation history, interactions with other lending protocols, and transactional patterns to develop an intelligent and quantitative profile of borrowers and lenders.
