Mo Dong’s Celer Network Sponsors Chainlink Price Feeds to Enable Efficient Smart Contracts Across DeFi

2 min read

2 min read

Celer Network’s use of Chainlink’s Price Feeds will facilitate widespread use of any DeFi protocol on Ethereum, Arbitrum and more.  After a brief surge in price, and a subsequent fall, price is rebounding into 2022.

Celer is excited to announce that we have sponsored the launch of new Chainlink Price Feeds, which will serve as decentralized price oracles for the CELR token. Through support from the industry-leading oracle network, DeFi protocols on Ethereum, Arbitrum, and more in the future will be able to quickly and securely add support for the CELR token such as within decentralized lending protocols, insurance protocols, and decentralized exchange (DEX) platforms. Ultimately, this will expand the utility of CELR and help accelerate its integration across DeFi and different blockchains.

At Celer, we aim to push blockchain adoption into the mainstream by developing layer-2 scaling technologies and multi-chain interoperability solutions. Layer2.finance is a low-cost and trust-free gateway for the “early majority” users to explore and benefit from the existing DeFi ecosystem without the concerns of high transaction costs offsetting their gains. Layer2.finance achieves this using an optimized layer-2 rollup that aggregates users’ transactions on layer-2 into a single transaction on layer-1 in a trust-minimized fashion. cBridge is a multi-chain network that enables instant, low-cost and ANY-to-ANY value transfers within and across Ethereum’s layer-2 chains, Ethereum main chain and other layer-1s, and layer-2 on top of those other layer-1 chains.

While integrating across various layer-1 DeFi protocols and blockchains in Celer’s layer2.finance, we realized the need for decentralized price oracles for our native CELR token. For example, DeFi protocols need price oracles to obtain the current global market price of crypto-assets like CELR, which they can reference to issue fair market loans, execute swaps without slippage, and settle prediction market outcomes, among other use cases. Additionally, on-chain price feed is very much helpful to convert cBridge and layer2.finance’s on-chain transaction costs to the fee token being used in DeFi protocols or bridged across chains, for example CELR.

When considering various oracle solutions, Chainlink was the obvious choice. Chainlink is the industry-standard oracle solution and already helps secure tens of billions in on-chain value across leading DeFi protocols. Chainlink Price Feeds are well known for providing high-quality data backed by high uptime and tamper-resistant infrastructure that has proven resilient during times of extreme market volatility and network congestion. Some of the specific optimizations of Chainlink Price Feeds include:

High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates accurate global market prices that are resistant to API/exchange downtime, flash crash outliers, and data manipulation attacks.

Blockchain Agnostic – Chainlink Price Feeds operate at the native speed and costs of the blockchains they support, removing dependencies on other blockchain networks.

Robust Infrastructure — Chainlink Price Feeds utilize decentralized networks of professional node operators run by leading blockchain DevOps teams and traditional enterprises with a strong track record of uptime. 

Transparent Monitoring — 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 price feeds.

“Celer is opening up access to the multi-chain world and DeFi economy for people around the world who aren’t able to pay the extraordinarily high transaction fees while also simplifying the DeFi and multi-chain interoperability user experience by making it easy to use and navigate. We’re happy to use the time-tested solution of Chainlink Price Feeds to enable CELR to be quickly and securely adopted by any DeFi protocol on Ethereum, Arbitrum, and other blockchain networks in the future.”

— Mo Dong, Cofounder of Celer Network

Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert

Via this site

Have A Story? Get Featured On Celrbug Plus 100+ More Exclusive Crypto News Sites