Source : zycrypto.com
We’re pleased to announce that Chainlink Price Feeds have been incorporated into the LBank Exchange, a world-class digital asset trading platform. LBank Exchange will have access to high-quality, tamper-proof price feeds needed to ensure secure perpetual futures trading on the platform by integrating the industry-leading decentralized oracle network. This will give our users more confidence that the asset values in LBank futures contracts are based on trustworthy, high-quality market data.
Chainlink was chosen as our go-to oracle solution since its architecture is easy to integrate and has been used in production for a long time. Chainlink is already assisting in the security of leading DeFi protocols, which are responsible for the security of tens of billions of dollars in smart contract value. Even in the face of unforeseen network events like exchange outages, flash crashes, and data modification attempts via flash loans, it remains secure and available.
LBank Exchange, a global digital asset trading platform with over 6.4 million members, has been providing a secure, innovative, and trustworthy environment for crypto traders since 2015. We used mark price at first, like many other platforms in the market, to prevent unfair and unjustified liquidations that might occur during periods of extreme price volatility. When the market is particularly volatile, however, because leading exchanges tend to reference each other in terms of prices, there is a risk that these prices will lose their trustworthiness.
We needed access to new asset prices that were given immediately on-chain in a highly dependable manner to assist protect our perpetual futures trading process for consumers. A volume-weighted average of all trading settings should be used to determine fair market asset values. As a result, instead of depending on recursive centralized feeds, we wanted to create an oracle network to acquire aggregated price data in a secure and dependable manner.
Following research of several oracle solutions, LBank Exchange chose to incorporate Chainlink Price Feeds because they offer a number of important characteristics, including:
- High-Quality Data — Chainlink Price Feeds obtain data from a number of premium data aggregators, resulting in price data from hundreds of exchanges that has been weighted by volume and free of outliers and wash trading. Chainlink’s data aggregation technique creates more exact global market prices that are fundamentally immune to any single exchange’s mistakes or manipulation.
- Secure Node Operators — Chainlink Price Feeds are protected by oracle nodes managed by premier blockchain DevOps teams, data providers, and traditional organisations that are independent, security-reviewed, and Sybil-resistant. Even during high gas prices and infrastructural failures, Chainlink nodes have proven to be dependable.
- Decentralized Network — Chainlink Price Feeds are decentralised at the data source, oracle node, and oracle network levels, resulting in robust security against data provider and oracle network downtime and tampering.
- Reputation System — Chainlink includes a reputation system and a set of on-chain monitoring tools that allow users to independently evaluate node operator and oracle network performance in the past and in real time.
The new system will soon be widely utilized in futures price calculation, loan business expansion, various financial derivatives such as leverage, and other sections that require user asset evaluation after being updated from mark price to fair market pricing via Chainlink. LBank Exchange will be able to give users new investment options and services with more exact asset value evaluation by connecting with Chainlink.