Canary Exchange & Chainlink Price Feeds to Develop DeFi Apps
Canary exchange has recently announced that they will be integrating Chainlink Price Feeds. Canary is a staking, swapping, and yield farming platform for generating APYs. Reportedly, the integration with Chainlink Price Feed will take place on Avalanche Network.
Chainlink is the industry’s leading decentralized token oracle network that provides tamper-proof high-quality price feeds. Canary will use these feeds to architect a new decentralized application(s) for gaming, financial analysis, and more. Canary aims to provide its users with a better platform to monitor their financial assets more precisely and have fun while chipping in the investment.
On choosing Chainlink as their go-to Oracle model, Canary explains that Chainlink has a seamless infrastructure and time-tested production. The decentralized financial protocols responsible for smart contracts worth billions of dollars and maintaining high security and availability between unpredicted events like flash crashes, exchange downtime, and others are secured by Chainlink.
Canary plans to develop multiple decentralized apps using Chainlink price feeds. These apps could be either for financial analysis, games, or prize prediction contests, and others. In the future, Canary can plan to enhance and diversify the applications by using changing powered data.
To develop new decentralized applications, Canary will require the latest and reliable asset prices that get supplied directly on-chain. Furthermore, the fair market asset prices should exhibit a weighted average generated from all trading platforms. Thus, Canary needed an oracle solution that could affect off-chain aggregated price data and deliver on-chain so that the application could consume it.
Canary’s decision to select Chainlink was based on the team and their work. Chainlink has always made fruitful decisions for itself. The same would help Canary in the long run. Canary seems thrilled to bring Chainlink onboard.