Important news for the crypto sector: Zeta has integrated Chainlink Price Feeds on Solana mainnet to improve performance and resilience.
Chainlink Price Feeds: Resilience and Security on Solana’s Mainnet
The following Chainlink price feeds will be used initially for the integration of Chainlink Price Feeds on the Solana mainnet: BTC/USD, ETH/USD, and SOL/USD. Zeta can boost the efficiency and robustness of its trading exchange by utilising Chainlink’s dependable, quick, decentralised pricing feeds.
Perpetuals and other contracts on Zeta will be settled with even higher precision and dependability thanks to Chainlink’s integration as a trustworthy oracle provider.
Undercollateralized derivatives platform Zeta Markets has a Central Limit Order Book and a completely on-chain risk engine (CLOB). The only established ecosystem that offers the engineering flexibility necessary to host such a programme without jeopardising decentralisation is Solana.
Price inputs from Chainlink are a crucial component of the trading infrastructure needed for DeFi to thrive on Solana. Solana is one of the top performing chains for institutional finance thanks to its combination of institutional-grade oracles, a high-performance base tier, and several sets of validators.
Thankfully, Chainlink has proven that it can effectively handle unforeseen circumstances. For systems that oversee trade execution and risk management, especially those that offer the extra security measures offered by Web3, this is crucial.
How Chainlink data feeds on Solana operate
The quickest way to connect smart contracts to actual market prices of assets is through chainlink data feeds. To use this capability, one must deploy a programme in the Solana Devnet cluster and use the Chainlink Solana Starting Kit to access on-chain data streams.
When a client sends a programme an account, the programme first checks the account’s most recent price feed before storing the outcome in the transferred account. Eventually, the value kept in the account is read by the off-chain client.
Furthermore, each of Solana’s data stream addresses is distinct and has unique properties. The feeds that adhere to a standardised data feed methodology are the first to be verified.
The Chainlink Labs team also monitors feeds to maintain the integrity of the larger ecosystem. These feeds are known as monitored feeds. Moreover, there are custom feeds, which are feeds made specifically for a use case and might not be appropriate for widespread use.
Also available are specific feeds, which must first be used with a full grasp of the composition approach and may be based on contracts controlled by outside parties.
Chainlink price feeds are also integrated by Nereus Finance.
Chainlink Price Feeds have also been incorporated on the mainnets of Avalanche and Polygon by Nereus Finance, a well-known lending protocol. Nereus Finance has access to the high-quality, tamper-proof pricing feeds necessary to precisely compute the collateral values of digital assets thanks to the integration of the sector-leading decentralised Oracle network.
Nereus claims that Chainlink is the preferred Oracle solution because of its infrastructure’s easy integration and production experience. Key DeFi protocols responsible for tens of billions of dollars in smart contract value are already protected by Chainlink.
Maintaining strong security and high availability, particularly in the face of unforeseen occurrences like exchange outages, flash crashes, and data manipulation attempts via flash loans.
A DeFi protocol called Nereus Finance enables users to lend or borrow money using their own digital assets as security. The NXUSD stablecoin market is another service provided by Nereus Finance in addition to loans and pooled loans.
Users can use Wirexapp, which gives them access to more than 90 million stores worldwide, to spend the NXUSD they deposit as collateral to borrow, access greater returns, or both.
Nereus needs access to new asset values given immediately on-chain in a highly reliable manner in order to safeguard its core loan and borrowing operations. A volume-weighted average of all trading conditions should be reflected in the prices of assets at fair market value.
As a result, it needed to use an Oracle network to get aggregate price data off-chain and provide it to its application on-chain.