For Deerfi Money Market, clients are paramount. Time and again, Deerfi has been emerging with new solutions to offer that can facilitate ease and benefits to its users. One such step includes adding an extra cushion for Uniswap LP tokens. Vide this move, Deerfi intends to facilitate more yield than before.
This has been possible due to Deerfi integrating Chainlink that would help Deerfi harness the optimum potential of LP tokens, thereby making certain their price stays realistic, and no data is manipulated being exposed to hackers on a single exchange. Users now need not deposit or exchange their LP tokens elsewhere.
Integration with Chainlink, in turn, brings advantages manifold. First and foremost being Chainlink has the immense capability to offer protection against data manipulation like flash loans. Secondly, Developers can connect with any sort of blockchain and real-world data with Chainlink. Another significant factor is working around a decentralized finance network, Chainlink colossal ecosystem encompasses virtually all industry segments, including insurance, gaming, etc. Chainlink’s go-to-oracle networks facilitate users to supervise the services’ performance on their own without any third-party involvement.
Vide this integration, Deerfi also aims to provide its customers with using LP as collateral or security while availing loans on Deerfi. In a way, the Uniswap LP tokens can be deposited as a source for borrowing USDT, etc., to avail more liquidity in the process. ETH linked 11 different assets are included in Chainlink powered price feeds to enable Deerfi to issue highly transparent and secure loans and maintain complete collateralization.
As stated by Deerfi Lead Developer Lin Xia Hong,
Users are now assured of partnering with a reliable lender like Deerfi, who not ensures a monetary gain comes to the kitty of users but also enhances confidence in the protocol.