WiseSoft, after its success of ETH and BNB pool events, announced the integration of ChainLink Price Feeds that will power its DeFi platform. This lending and borrowing smart contract decided to utilize ChainLink Price Feeds that will help to get real-time asset value and secure the platform’s liquidation mechanism.
One of the reasons behind the selection of ChainLink Price Feeds is its test and easy-to-integrate the oracle infrastructure to get high-quality data feeds. ChainLink is currently securing billions of dollars across DeFi, providing its resistance to unexpected API, downtime, and data manipulation, attracting flash loans.
Understanding Wise and its ChainLink Integration
Wise Token is an asset-backed utility token on ETH and Binance Smart Chain. Its servicing is a complete suite, including lending, borrowing, liquidity providing, and staking. Two of the significant platform products are- ETH and BNB, offering the safest way to store value and earn good interest. Wise, in the future, is looking forward to lending and borrowing services allowing token holders of WISE and WISB to use interest-earning assets for borrowing cryptocurrency/stablecoin.
This new integration of ChainLink is an upgrade to support Wise’s ecosystem expansion because it is connected with Wise’s borrowing and lending smart contract having accuracy and tamper-proof. In addition, Wise also performs critical on-chain functions, including the size of loans from user-supplied collateral.
About ChainLink Price Feeds
The ChainLink Price Feeds are finely decentralized oracles maintaining price reference, storing the recent global prices of various assets, and are called smart contracts in a single function. It comes with a range of features under DeFi projects like:
- Presenting High-Quality Data
- Securing Node Operators
- Decentralized Network
- Economy of Scale
According to the WiseSoft team, integrating with ChainLink will allow the team to set a whole new standard for decentralized finance.
Peter Girr, Founder and CEO of WiseSoft, says that the integration of ChainLink is a reliable oracle service in the Blockchain industry. It is one of the significant developments to the Wise ecosystem in 2021.